California budget surplus hits record high as affluent taxpayers thrive

“In terms of evidence, do we need to be more careful than in the last two weeks?” Asked the Governor. The S&P 500, the benchmark US stock index, has fallen nearly 20 percent since January, a range known as the bear market. It topped many other indicators, including the tech-heavy Nasdaq composite.

More than half of the surplus goes to various budget allocations and loan payments, with almost all additional costs going to one-time spending under the governor’s plan, which still requires legislative approval.

Legislative leaders generally support the concept of inflation relief, but the policy has not yet been debated. Some lawmakers are pushing for a revenue-based cash exemption, but the governor has proposed a relief from vehicle ownership because it would be faster and federal assistance would apply to excluded residents. Mr Newsum’s Democratic Allies control the legislature.

“People are experiencing immense stress and deep anxiety,” Mr Newsom said. “You’ll see reflections in gas prices recently, they are starting to recover now.”

In a statement, state Senate President Pro Tempo Tony G. Atkins and Nancy Skinner, chairmen of the Senate Budget Oversight Committee, said the abortion funding plan was in line with the Democratic legislative agenda and that the governor’s proposal was “encouraging.”

Leave a Reply