As revenues plummet, California budget cuts billions

Watch Newsom's news conference here.

SACRAMENTO, Calif. (AP) California Gov. Gavin Newsom is proposing to cut $6.1 billion from a variety of programs as part of next year's budget.

He says the budget prioritizes public education, public health and public safety.

Newsom's Thursday forecast estimates unemployment will climb to nearly 25 percent and tax revenues will drop by about a quarter.

Newsom plans to tap the state’s $16 billion rainy day fund over three years. After a record budget surplus that allow programs to grow, Newsom says it breaks his heart to have to make cuts.