Anonymous ID: a05411 June 26, 2020, 5:53 a.m. No.9753237   🗄️.is đź”—kun   >>3256 >>3263 >>3416 >>3551

California Senate OKs plan to close $54 billion deficit

 

https://www.kcra.com/article/california-declares-emergency-to-help-balance-state-budget/32974295

 

The California Senate on Thursday approved a $202.1 billion spending plan that covers the state's $54.3 billion deficit through a combination of temporary tax increases, delayed spending and cuts to colleges, courts and state worker salaries.

The vote came hours after Gov. Gavin Newsom declared a “budget emergency” for the first time, giving the Legislature permission to take nearly $8 billion from the state's primary savings account to avoid even deeper spending cuts amid an economic downturn caused by the coronavirus and a subsequent stay-at-home order that has caused more than 6.7 million Californians to file for unemployment benefits.

 

Newsom's declaration - required by law for lawmakers to raid what's known as the “rainy day fund” - was the final piece required to balance a budget that lawmakers will approve this week. The state Assembly is set to approve the plan on Friday.