Gov. Gavin Newsom on Thursday released a revised state budget proposal that prioritizes saving for a rainy day – putting a record amount into the state’s reserves and making billions in fiscal pay downs of pension debt.
The revised budget also prioritizes one-time investments aimed at tackling the main issues driving California’s affordability crisis.
“The California Dream must be built on a strong fiscal foundation,” said Gov. Newsom. “This budget fortifies California’s fiscal position while making long-sighted investments to increase affordability for California families. The affordability crisis families face in this state is very real, and that’s why this budget tackles those challenges head-on by focusing on housing, health care, early childhood and higher education.”
“The California Business Roundtable strongly supports the focus on one-time strategic investments in Governor Newsom’s budget, which will help continue to build a foundation of long-term fiscal stability. This budget sends a clear signal that the governor understands what is needed to grow investment in jobs and our economy,” said California Business Roundtable President Rob Lapsley.View Article