Despite the expected shortfall, policymakers say they’ll maintain spending on social programs.
By Alejandro Lazo and Jeanne Kuang,Despite the expected shortfall, policymakers say they’ll maintain spending on social programs, though advocates are calling for more.
The governor will present a proposed budget in January and then a revision in May. The budget, which the Legislature must approve, will fund state government for the fiscal year beginning July 1. “We have a significant amount of cash available, both in terms of reserves, but also in terms of liquidity,” Ting said. “So this is a very different situation than the state faced in 2008-2009, where they were running out of cash.”Newsom in October said he had vetoed 169 bills and saved taxpayers billions.
Still, the state budget enacted in June 2021 committed to $3.4 billion in new ongoing spending and is expected to grow to $12 billion in the 2025 budget year. The budget enacted in June of this year committed an additional $2.3 billion, expected to grow to nearly $5 billion by the 2026 budget year, the Legislative Analyst’s Office said.
Nearly 30% of California residents live in or near poverty, according to the Public Policy Institute of California. Experts expect poverty rates to increase after the end of a boost in federal cash aid, which came in 2021 in the form of an expanded child tax credit included in the American Rescue Plan Act.
Last year, she used some of the $4,000 in federal child tax credits on school supplies and clothes for the four children she and her boyfriend are raising, she said. With prices rising this year, she was unable to save any of that subsidy.
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