Gov. Gavin Newsom and state legislators struck a deal this weekend to close a $47 billion budget deficit — and agreed to spend $12 million to implement proposals to provide reparations for slavery.
The $297.9 billion spending plan, announced this morning by Gov. Gavin Newsom, Senate President Pro Tem Mike McGuire and Assembly Speaker Robert Rivas, also relies on reserves and pauses some business tax credits to address a remaining revenue gap estimated at $56 billion over the next two years.The plan makes $16 billion in cuts, including a blanket 7.
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