Despite announcing a budget surplus of nearly $100 billion, Gov. Gavin Newsom's plan to spend that money would likely push the state toward a 'fiscal cliff' next year, a state analyst said.
The Riverside football team comprised of deaf players that garnered national attention and captured the hearts of many is getting a big gift from Gov. Gavin Newsom.
The limit is re-calculated each year based on growth in inflation and population. For decades, California didn't have trouble staying under the limit. But that changed in recent years as the state's population declined slightly while revenues soared at an unprecedented pace - the result of a surging stock market making wealthy people even richer in a place that taxes them more than other states.
Other voter-approved constitutional rules require lawmakers to spend a certain amount of money on public education while setting aside enough to pay down debts and replenish the state's reserves. That means for every $1 the state goes over the limit, it must spend $1.60 to get back under it.
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