The budget covers that deficit by cutting some spending — about $8 billion. The plan would borrow $6.1 billion and would set aside $37.8 billion in reserves, the most ever.
SACRAMENTO — California Gov. Gavin Newsom and the Democrats who control the state Legislature agreed late Monday on how to spend $310.8 billion over the next year, endorsing a plan that covers a nearly $32 billion budget deficit without raiding the state’s savings account.
The budget, which lawmakers are scheduled to vote on this week, covers that deficit by cutting some spending — about $8 billion — while delaying other spending and shifting some expenses to other funds. The plan would borrow $6.1 billion and would set aside $37.8 billion in reserves, the most ever. “What do Capitol Democrats have in store for you this holiday weekend? Higher gas prices!” Assembly Republican Leader James Gallagher posted on Twitter.
The budget includes a lifeline for public transit agencies struggling to survive following steep declines in riders during the coronavirus pandemic. It allows transit agencies to use some of the $5.1 billion in funding over the next three years for operations.
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