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California Is Awash In Tax Revenue And Budget Reflects It

SACRAMENTO, Calif. (AP) – California Gov. Gavin Newsom is delivering a booming spending plan to the Legislature. It’s fully one-third larger than the state’s current budget. Newsom revealed his initial budget proposal in January. He updated that proposal Friday based on more than $100 billion in new money. That’s a combination of a $76 billion surplus of state revenues plus $27 billion in federal coronavirus aid. In his plan, Newsom wants to give 11 million people direct payments of up to $1,100 and pay for all 4-year-olds to go to pre-kindergarten for free. He also wants to give $1.5 billion to small businesses hurt by the pandemic. Lawmakers have until mid-June to consider the plan.