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California Declares Emergency To Draw Down Budget Reserves

SACRAMENTO, Calif. (AP) – Gov. Gavin Newsom has declared a budget emergency that will allow California to take billions from a reserve account to help plug a large deficit brought on by the coronavirus. The budget proposes taking roughly $8 billion from the state’s “rainy day” fund in the budget year that starts July 1. That’s about half of what’s in the fund. Newsom needed to declare an emergency to allow him to legally tap that money. The state Senate is set to vote on the budget later Thursday, and the Assembly will vote the following day.