Newsom signs state budget bills, confirming gas refunds to 17.5 million California taxpayers
Gov. Gavin Newsom and leaders of the California Legislature have agreed to provide more than $9 billion in refunds to taxpayers to offset high gas prices and inflation. The deal comes after months of slow negotiations at the state Capitol and disagreement between Democrats over how much relief to offer.
“In any year this would be a great budget,” said Senate President Pro Tem Toni Atkins . “In a world where we’re facing global inflation and ongoing pandemic issues, this budget is as remarkable and is responsible.” California to become first state to offer food benefits to some immigrants who live in U.S. illegally
“These stark differences are hard to tolerate in the fifth-largest economy in the world, in a state with more millionaires and billionaires than anybody else,” Bryan said. Nickelsburg said the state’s $37.2 billion in general fund reserves should serve as a backup contingency fund in the event of a limited pullback in the financial markets. State officials expect California’s rainy day fund to increase to $23.3 billion by year’s end.
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