If approved by voters on Tuesday, Gov. Gavin Newsom's ballot measure to overhaul the state's mental health services system and sell bonds to finance more than 10,000 treatment beds across California could cost the state up to $14 billion. Opponents of Proposition 1 argue the price is too high.
On the upside, selling bonds allows the state to make important investments without having all of the cash available upfront. Cash is in shorter supply this year as budget deficit estimates range from Newsom's projection of a $37.9-billion shortfall to LAO predictions of a $73-billion fiscal hole in 2024. Finding hundreds of millions of dollars to pay for the bond, without raising taxes, will require the state to trim other programs from the general fund.
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