California Gov. Gavin Newsom on Sunday said the nearly $54 billion budget deficit the state is facing is a direct result of the impact from the coronavirus pandemic and not because of existing financial troubles.
Asked by Jake Tapper on CNN's"State of the Union" how much of the state's financial crisis is a result of pre-exisiting financial obligations, Newsom said,"None.""None. That $54.3 billion is a direct result of Covid-19. Just a few months ago, I introduced my January budget, but with, again, a projected surplus. We paid off 100% of our debt we had inherited over seven or eight years ago. We were using $9.
"We have been managing our budget effectively, efficiently, paying down our long-term pension obligations. We had a bond rating that went up twice last year, the highest in decades," he said."So we're not looking for charity. We're not looking for handouts. Social responsibility at a time when states, not just California, large and small, all across this country, cities and counties, large and small, all across this country, are facing unprecedented budgetary stress.
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