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California secured a more than $75 billion budget surplus after boosts from a thriving stock market and tax revenues, Gov. Gavin Newsom (D) said Monday.
Why it matters: Last year, the governor's office projected a budget deficit of up to $54 billion due to the fallout from the COVID-19 pandemic — about a quarter of the entire budget. On Monday, Newsom laid out his plan to use the surprise surplus to fund what he called the biggest economic recovery package in state history.
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Details: Newsom's $100 billion proposal would provide $12 billion more in direct payments to residents: $600 for most people along with an additional $500 for families with dependents.
The money would go to families earning less than $75,000 annually.
The package would also assist renters, covering 100% of their past-due rent.
What to watch: Newsom will announce the rest of his proposal in an address on Friday.
What he's saying: "This is just the first of many announcements this week across the spectrum that amplify the narrative of this state truly roaring back," Newsom said at an address.
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