Gov. Gavin Newsom (D-CA) and Democratic lawmakers in California reached an agreement Thursday to slash the state’s massive budget deficit by $17.3 billion through an array of cuts, delays, and deferrals. 

Though the state’s exact budget deficit is uncertain, the Legislative Analyst Office reported it was $73 billion earlier this year, while Newsom says it’s $38 billion. In any case, lawmakers have found a way to begin filling the shortfall after state Senate leaders proposed a “Shrink the Shortfall” plan last month, which included Newsom’s budget suggestions from January. 

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