Gov. Gavin Newsom is announcing a $291 billion state spending plan with an estimated $38 billion deficit. That’s a significantly lower budget deficit than the Legislative Analyst’s Office predicted in December. It figured the state would face a $68 billion hole. Part of the difference is in the stock market, the other is in the governor proposing drawing $13 billion from the state’s reserves. He’ll spend the next six months hashing out a final plan with the Legislature