Gov. Gavin Newsom has signed California’s budget to close an estimated $46.8-billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses.
Gov. Gavin Newsom on Saturday signed California's budget to close an estimated $46.8-billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses.
Saturday's signing came just two years after Newsom and Democratic lawmakers were boasting about surpluses that totaled more than $100 billion, the product of hundreds of billions of dollars of federal COVID-19 aid and a progressive tax code that produced a windfall of revenue from California's wealthiest residents.
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