Newsom has said he will sign it into law.ġ dead, 1 injured after plane crash near runway of San Rafael Airport, sheriff says 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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