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California Governor Newsom Proposes $196.8 Billion Budget

May 14, 2021, 5:30 PM

California Governor Gavin Newsom on Friday proposed a $196.8 billion general-fund budget for the next fiscal year, a steep jump from this year’s $155.9 billion as he plans to plow an unprecedented tax-revenue windfall back into the state’s economy.

  • Fiscal blueprint for the year that begins July 1 includes $61.7 billion in special funds and $9.3 billion from bonds
  • Legislature must pass budget by June 15
  • California 10-year bonds Friday traded for a yield of 1.12%, 12.6 basis points more than top-rated muni debt

Related: Newsom Wields $100 Billion Kitty as He Fights California Recall

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