Inside California’s New Budget of Nearly $300 Billion

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Over the weekend, Gov. Gavin Newsom approved a budget for California that will close a state deficit estimated at $46.8 billion.The $297.9 billion budget, for the fiscal year that begins today, covers that shortfall by cutting state spending, drawing from reserves and suspending some tax breaks for businesses, among other measures. “This is a responsible budget that prepares for the future while investing in foundational programs that benefit millions of Californians every day,” Newsom said in a statement on Saturday.My colleague Shawn Hubler explains exactly which jobs and programs…

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