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Podcast: The State of California
Episode: Governor Newsom's proposed budget would balance the books
Description: Governor Newsom gave a sneak peek at his proposed budget for the next fiscal year today, balancing the books despite record spending.
His budget blueprint includes a substantial reserve fund, thanks to higher than expected tax revenues from a strong stock market.
Governor Newsom projects a balanced budget of about 322 billion dollars, with a cash reserve of about 17 billion dollars. That’s a much brighter picture than last year’s spending plan, which required cuts to erase a deficit of about 56 billion dollars over two years. That two-year spending plan, along with a surge in income tax revenues, means California face...