May 14, 2020 / 7:10 PM / 12 days ago

California governor slashes budget in COVID-19 economic crisis

SACRAMENTO, Calif., May 14 (Reuters) - California Governor Gavin Newsom on Thursday slashed his proposed budget for the next fiscal year by $19 billion, bringing spending below 2019 levels as COVID-19 related economic woes thrash his state’s economy, the world’s fifth-largest.

The proposal, which must be approved by the state legislature, is meant to help close a $54 billion gap in spending over two fiscal years - the current year as well as one beginning July 1.

Reporting by Sharon Bernstein

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