text:  Governor Gavin Newsom has signed California's budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses. Lawmakers passed the budget Wednesday following an agreement between the governor and legislative leaders in which both sides made concessions. The deficit was about $32 billion last year and grew even larger this year, with more deficits projected for the future. More on these stories at townhall.com.