(Bloomberg) -- 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.
