California is facing a budget emergency. Governor Newsom declared that yesterday, hours before lawmakers approved several bills that make up the budget. They voted on the final agreement last night after reaching a deal on spending cuts to fill a nearly 47-billion dollar shortfall. Newsom’s proclamation means money won’t be transferred from the General Fund to the Budget Stabilization Account for one year. It also allows some money to be returned for the budget emergency. The new budget must be signed today to begin Monday.
California Budget Approved After Governor Newsom Proclaims Financial Emergency
