California Budget Approved by Assembly and Senate, Awaiting Gov. Newsom's Green Light
Wednesday, June 17, 2020
It's been nearly 24 hours since the California Assembly and Senate passed next year's budget. The budget is now on Gov. Gavin Newsom’s desk.
However, there are many hurdles ahead before Newsom will approve the budget. California is still waiting to find out how much money there will be to spend. The proposed budget relies heavily on federal assistance to help overcome California’s more than $54 billion deficit.
The COVID-19 pandemic triggered a recession not only in the state, but across the country. The recession is now forcing lawmakers to make cuts in order to balance the state budget.
While the proposed budget has been signed, the next few weeks will be filled with debate between lawmakers and Newsom about trigger cuts and other potential budget changes.
Newsom has until the end of the month to pass, amend or veto the budget the Legislature passed.
Category: Economic News, COVID-19, Business News