SACRAMENTO, California — California Senate Democrats last week unveiled their plan to take early action to address the state’s towering budget deficit.

The caucus is calling the “Shrink the Shortfall” plan the first step of an ongoing process to address a budget which is between $38 billion and $73 billion in the hole.

“The quicker we move, the quicker we’ll be able to reduce the deficit, and we know we have to move decisively because the budget shortfall is real and serious,” Senate President pro Tem Mike McGuire, D-North Coast, said in a statement.

This marks McGuire’s first budget as leader of the Senate Democratic Caucus, and Sen. Scott Wiener’s first as chair of the Senate Budget and Fiscal Review Committee.

In a statement, Wiener said that the second step of the budget strategy will be unveiled later this spring, likely after California Gov. Gavin Newsom unveils his revised budget in May.

After the May revision, also known as the May Revise, is released, the Assembly and Senate will have to work together to hash out a budget for Newsom to sign no later than June 15, the constitutionally set deadline for lawmakers to approve a budget.

Here are some things to know about the proposal.

Senate Democrats are largely following Newsom’s lead

Earlier this year, Newsom laid out his proposal to address the deficit, including proposing several cuts and spending deferrals.

The Senate Democrats’ plan largely follows the governor’s lead, approving most of his proposals.

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