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California lawmakers announce placeholder budget agreement

California Budget
Posted at 7:17 AM, Jun 02, 2022

SACRAMENTO, Calif. (AP) — California's legislative leaders say they have reached an agreement on how to spend the state's tax dollars.

Leaders of the state Senate and Assembly on Wednesday announced an operating budget of more than $300 billion.

Their plan would return nearly $10 billion of that money to taxpayers in the form of rebates, grants and tax credits.

But Gov. Gavin Newsom has not yet agreed to the Legislature's plan.

Lawmakers are moving ahead with their plan because they must pass a budget by June 15 or else they don't get paid.

Lawmakers and the Newsom administration will continue negotiating.