California scores staggering $75B budget surplus
California’s budget is in the black — by a staggering amount.
A state that expected perhaps the most severe budget crunch in American history instead has a more than $75 billion budget surplus, Gov. Gavin Newsom (D) said Monday, after a booming stock market and better-than-anticipated tax revenues over the pandemic-plagued year.
As recently as a year ago, California’s top elected officials were staring into a budgetary abyss that made the Great Recession look like a pothole. Newsom’s office projected a budget deficit of up to $54 billion, or about...