California Budget Surplus Swells to $75.7 Billion, Governor Says

California’s operating budget surplus has swelled to more than $75 billion, Governor Gavin Newsom said, fueled by a surging economy and capital-gains taxes.

The surplus will leave Newsom and lawmakers with $38 billion extra to spend as they see fit, since some of the surplus is already earmarked. The state expects to get $26 billion from President Joe Biden’s stimulus package.

“California is going to come roaring back,” Newsom said at a press conference.

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