As Governor Newsom wants to spend a record surplus

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California is entering the next fiscal year with a record surplus of nearly $ 100 billion, Gov. Gavin News said Friday. Newsom has published a revised budget plan of just over $ 300 billion for next fiscal year, the highest in the state’s history and fueled by tax revenue growth. The state collected $ 55 billion more in taxes than officials expected in January, leaving it with a surplus of about $ 97.5 billion. Watch live as Governor Newsom details his budget plans. That means Newsom, a Democrat, has tens of billions of dollars more to spend on new and existing initiatives if he seeks re-election in the fall. He plans additional spending on tackling the prolonged drought to help more women have abortions in California and offset rising food, gas and other commodity prices due to inflation. BOTTOM VIDEO Governor Newsom announces a surplus of $ 97.5 billion. He will have to negotiate with the Democrat-led legislature on all his proposals. They have until the end of June to finalize the budget, which comes into force on July 1. RELATED | See here Governor Newsham’s revised budget plan. Newsom said one of his top budget priorities is freeing Californians from inflation. “People feel deep stress, deep anxiety,” he said. He offered to issue $ 400 checks to registered state car owners, with two checks per person. According to him, it will cost the state about 11.5 billion dollars. Although the money will go only to car owners, News said it should be seen as “covering and easing inflation”. “For you, it may be a discount to solve food problems, it may be a discount to address other burdens on you,” he said. However, Democrat lawmakers have a different idea of ​​how to help. They want to give checks. Republicans, meanwhile, say Newsom, not checks, should suspend the country’s highest gas tax for one year. They also asked him to increase the tax credit for tenants and offer new tax breaks to students. “Republicans in the Senate believe there is a better way to invest in the state,” said Sen. Rosilisi Ochoa God of Yukaipa. | MORE | Why CA’s minimum wage is expected to increase next year

California is entering its next fiscal year with a record surplus of nearly $ 100 billion, Gov. Gavin News said Friday.

Newsom has unveiled a revised budget plan of just over $ 300 billion for next fiscal year, the highest in the state’s history and fueled by rising tax revenues. The state collected $ 55 billion more in taxes than officials expected in January, resulting in an estimated surplus of $ 97.5 billion.

  • Watch the live broadcast as Governor News reports in detail on his budget plans.

That means Newsom, a Democrat, still has tens of billions of dollars to spend on new and existing initiatives as he seeks re-election in the fall. He plans to spend the extra cost of tackling the prolonged drought to help more women have abortions in California and offset rising food, gas and other commodity prices due to inflation.

| BOTTOM VIDEO Governor Newsom announces a surplus of $ 97.5 billion

He will have to negotiate with the Democrat-led legislature on all his proposals. They have until the end of June to finalize the budget, which comes into force on July 1.

| RELATED | See Governor Newsham’s revised budget plan in May here

Newsom said one of his top budget priorities is to relieve California residents of inflation.

“People feel deep stress, deep anxiety,” he said.

He offered to give registered car owners in the state checks for $ 400, with up to two checks per person. According to him, it will cost the state about 11.5 billion dollars. Although the money will go only to car owners, News said it should be seen as “covering and easing inflation”.

“For you, it can be a discount to solve a food problem, it can be a discount to solve other burden of costs that lie on you,” he said.

Democratic lawmakers, however, have a different idea of ​​how to help. They want to give $ 200 checks only to those below a certain income level.

Republicans, meanwhile, say Newsom should suspend the country’s highest gas tax for one year. They also asked him to increase the tax credit for tenants and offer students new tax breaks.

“Republicans in the Senate believe there is a better way to invest in the state,” said Sen. Rosilisi Ochoa God of Yukaipa.

| MORE OF THIS | Why the CA minimum wage is expected to increase next year


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