“It's something I know people can argue over whether it benefits California or not, but it is iconic and it creates jobs,” Senate President Pro Tempore Toni Atkins said.Ĭalifornia's budget reflects the partisan divisions that permeate the country's politics. South Bay community raises security concerns following stabbing at Levi's Stadium Newsom has said he will sign it into law. The plan would borrow $6.1 billion and would set aside $37.8 billion in reserves, the most ever. The budget approved by lawmakers covers that deficit by cutting some spending - about $8 billion - while delaying other spending and shifting some expenses to other funds. Gavin Newsom estimated the state's spending would exceed revenues by over $30 billion.

Last month, the administration of Democratic Gov. California gets most of its revenue from taxes paid by the wealthy, making it more vulnerable to changes in the economy than other states. The nation's most populous state has had combined budget surpluses of well over $100 billion in the past few years, enabling the Democrats in charge to greatly expand government.īut this year, revenues slowed as inflation soared and the stock market struggled. California lawmakers approved a $310.8 billion budget on Tuesday that closes a nearly $32 billion budget deficit while also extending a lucrative tax break for the state's iconic film and television industry.

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