SACRAMENTO, Calif. (AP) — 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.
Lawmakers passed the budget Wednesday following an agreement between Newsom and legislative leaders in which both sides made concessions and also had wins as they were forced, for the second year in a row, to pare back or delay some progressive policies that had been fueled by record-breaking surpluses during the COVID-19 pandemic.
