And in many of these cases, the states ended up having to give the money back to the federal government because they couldn't obligate. When Newsom advertises that he went from a $70 billion surplus, an FY 23, and then just in the last six months as an FY 24, were operating in a $40 billion, $50 million deficit, it's because he had to cough up all this federal money. Okay, so this is. This is why we have that. The red line is the inflation that goes with it. So it makes sense. (27:59–28:16)
CLAIM
Asserts that California's budget shifted from a $70 billion surplus to a $40 billion deficit due to returning federal funds.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
