Sacramento, CA– Governor Jerry Brown has signed California’s budget on-time. The package is a combination of spending cuts, fee hikes and the promise of higher tax revenue.
The governor signed the $86 billion spending plan today after majority Democrats passed it without Republican support. They were acting for the first time under a voter-approved law that allows budgets to be passed with a simple majority, rather than two-thirds vote.
At the same time, lawmakers were motivated to complete a deal because the same law halted pay until they passed a balanced budget.
“This is an honest but painful budget that returns California’s General Fund spending to levels unseen since the 1970’s,” said Governor Brown. “We’ve cut our deficit by $15 billion dollars and achieved financial balance this year. This is a huge step forward. But California’s long-term stability depends on our willingness to continue to pay down debt and live within our means.”
Written by tina.falco@mlode.com
This post was last modified on 06/30/2011 4:13 pm
Sacramento, CA– Governor Jerry Brown has signed California’s budget on-time. The package is a combination of spending cuts, fee hikes and the promise of higher tax revenue.
The governor signed the $86 billion spending plan today after majority Democrats passed it without Republican support. They were acting for the first time under a voter-approved law that allows budgets to be passed with a simple majority, rather than two-thirds vote.
At the same time, lawmakers were motivated to complete a deal because the same law halted pay until they passed a balanced budget.
“This is an honest but painful budget that returns California’s General Fund spending to levels unseen since the 1970’s,” said Governor Brown. “We’ve cut our deficit by $15 billion dollars and achieved financial balance this year. This is a huge step forward. But California’s long-term stability depends on our willingness to continue to pay down debt and live within our means.”
Written by tina.falco@mlode.com