California lawmakers have approved a budget that slashes spending and temporarily raises taxes on businesses.
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.
California's budget has historically been prone to large swings in revenue, given the state's reliance on its wealthiest taxpayers. But these deficits have come at a bad time for Newsom, who has been building his national profile ahead of a potential run for president one day and has been tapped as one of the top surrogates for President Joe Biden's reelection campaign.
Many previous promises have been paused or delayed. Two years ago, lawmakers pledged to help pay child care expenses for an additional 200,000 families by 2026. This budget delays that promise to 2028, with the caveat it will only happen if there is money available for it. Other major expansions have been protected, including making all low-income adults eligible for government-funded health insurance regardless of their immigration status and making school lunches free for all students.
“We are seeing what I can only characterize as heartless cuts for those that are hurting the most. We can do a whole lot better than this,” Republican Assemblymember Jim Patterson said.
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California Legislature approves budget that slashes spending to address $46.8 billion deficitCalifornia lawmakers approved a budget that slashes spending and temporarily raises taxes on some businesses to close an estimated $46.8 billion budget deficit.
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