‘We’re just a little less pessimistic’: Newsom outlines his plan to cover $38B budget deficit

CALIFORNIA IS IN a budget hole, its depth measured not in feet, but in dollars.

How deep? A projected $38 billion deficit, according to Gov. Gavin Newsom, who said this week he will declare a fiscal emergency if necessary and unveiled his initial plan to dig the state out of a fiscal chasm for the second year in a row.