California budget plan: Key elements
Lawmakers agree to $12.5 billion in tax hikes and $14.8 billion in spending cuts.
Key elements of the budget package approved by the Legislature this morning:
• $14.8 billion in spending cuts
• $14.8 billion in spending cuts
• $12.5 billion in tax increases
• $5.4 billion in borrowing
• $7.8 billion in federal stimulus funds
• $5.4 billion in borrowing
• $7.8 billion in federal stimulus funds
What's next:
Voters will be asked in May to approve restraints on government growth, borrowing against future state lottery revenues, cuts in mental health and early-childhood education programs. In June 2010, they will consider the open primary and restrictions on legislative pay hikes.
The governor may rescind the 20,000 layoff notices recently sent out.
Scheduled Friday furloughs will end, but state workers will be furloughed eight hours a month.
The state ultimately will resume paying all its bills, including tax refunds. But doing so could take weeks.
Stalled public-works projects could restart
Source: California Legislature, Times reporting.
Voters will be asked in May to approve restraints on government growth, borrowing against future state lottery revenues, cuts in mental health and early-childhood education programs. In June 2010, they will consider the open primary and restrictions on legislative pay hikes.
The governor may rescind the 20,000 layoff notices recently sent out.
Scheduled Friday furloughs will end, but state workers will be furloughed eight hours a month.
The state ultimately will resume paying all its bills, including tax refunds. But doing so could take weeks.
Stalled public-works projects could restart
Source: California Legislature, Times reporting.
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