California Assembly OKs budget deal to close $54B deficit

The California Legislature on Friday finished work on a state spending plan that closes an historic $54.3 billion deficit by temporarily raising taxes on businesses, cutting funding to courts, colleges and state worker salaries, and delaying billions of dollars in payments to public schools. The $202.1 billion budget marks an incredible reversal for the nation's most populous state, which just six months ago was preparing a spending plan that included a multibillion-dollar surplus. But that changed in March, when Gov. Gavin Newsom issued a stay-at-home order that forced many businesses to close and sent state revenues plummeting as more than 6.7 million Californians have filed for unemployment benefits. Get the full story in the video above.