‘This is a responsible budget’: Newsom signs state budget into law, closing $46.8B deficit

Gov. Gavin Newsom has signed the 2024-25 budget into law, solidifying $16 billion in cuts and other moves that closed a $46.8 billion deficit. 

The budget is $297.5 billion, with $211.5 billion committed from the general fund. It maintains $22.5 billion in reserve funds and cuts just less than 8% from each department.