The budget includes an agreement that lawmakers will try to change the state constitution in the coming years to allow California to put more money in reserve to prepare for future shortfalls.
Assemblymember Jesse Gabriel, D-Encino, right, chairman of the Assembly Budget Committee looks over his notes as one of the budget trailer bills is discussed in the Assembly in Sacramento, Calif. Wednesday, June 26, 2024. SACRAMENTO, Calif. — California lawmakers approved a budget on Wednesday that slashes spending and temporarily raises taxes on some businesses to close an estimated $46.8 billion budget deficit.
The budget includes an agreement that Newsom and lawmakers will try to change the state constitution in the coming years to allow California to put more money in reserve to prepare for future shortfalls. Many previous promises have been paused or delayed. Two years ago, lawmakers pledged to help pay child care expenses for anby 2026. This budget delays that promise to 2028, with the caveat it will only happen if there is money available for it.
Republicans said they were left out of budget negotiations. They criticized the tax increase on businesses, which applies to companies with at least $1 million in revenue and will last for three years, bringing in more than $5 billion in extra revenue for the state next year. And they criticized Democrats for some cuts to some social safety net programs.
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