Gov. Newsom Blames State’s Massive Deficit on ‘Rain Bombs’ and ‘Climate Change’

Reporter Can we explain ░░░░░░░░ Californians how we moved ░░░░░░░░ 100 billion surplus to ░░░░░░░░ a significant deficit in ░░░░░░░░ a matter of a ░░░░░░░░ years Newsom Well it ░░░░░░░░ yeah we can explain ░░░░░░░░ Through 149 billion of ░░░░░░░░ capital gains 11 6 ░░░░░░░░ when traditional capital gains ░░░░░░░░ around 5 18 percent ░░░░░░░░ average So it s ░░░░░░░░ double So you have ░░░░░░░░ volatility You have requirements ░░░░░░░░ Prop 2 the Gann ░░░░░░░░ have requirements under Prop ░░░░░░░░ which require that set ░░░░░░░░ we use 93 percent ░░░░░░░░ our surplus which is ░░░░░░░░ want to be careful ░░░░░░░░ on the higher end ░░░░░░░░ without precedent for one ░░░░░░░░ purposes So we anticipated ░░░░░░░░ we didn t want ░░░░░░░░ surplus to go to ░░░░░░░░ commitments we anticipated that ░░░░░░░░ What we didn t ░░░░░░░░ is these rain bombs ░░░░░░░░ December January February and ░░░░░░░░ these atmospheric rivers that ░░░░░░░░ to a federal declaration ░░░░░░░░ led to FEMA and ░░░░░░░░ IRS moving in a ░░░░░░░░ where we couldn t ░░░░░░░░ our taxes until I ░░░░░░░░ November 16th as opposed ░░░░░░░░ April 15th And so ░░░░░░░░ lied this blackout period ░░░░░░░░ beguiled all of us ░░░░░░░░ LAO finance economist experts ░░░░░░░░ interestingly I mean there ░░░░░░░░ been at the White ░░░░░░░░ recently had an impact ░░░░░░░░ terms of the IRS ░░░░░░░░ as well with their ░░░░░░░░ because there were other ░░░░░░░░ that had similar delays ░░░░░░░░ their taxes related to ░░░░░░░░ events If there was ░░░░░░░░ indication that climate change ░░░░░░░░ impacts well beyond those ░░░░░░░░ are often promoted I ░░░░░░░░ consider our financial delays ░░░░░░░░ just another example of ░░░░░░░░ we need to tackle ░░░░░░░░ another reason I m ░░░░░░░░ forward to conversations that ░░░░░░░░ will have next week.”