Gov. Gavin Newsom's Department of Finance on Wednesday notified state lawmakers that California will need a $3.44 billion loan to cover costs associated with the state's Medicaid program known as Medi-Cal.

The Newsom administration announced the state does not have enough money to fund its Medicaid program for millions of low-income Californians. As a result, California will need to borrow more than 3 billion dollars to cover expenses.

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