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California Budget: Why The Deficit Is Gone

Hannah Madans |
January 10, 2013 | 1:48 p.m. PST

Executive Producer

Jerry Brown (Neon Tommy/Creative Commons)
Jerry Brown (Neon Tommy/Creative Commons)
Gov. Jerry Brown released his California budget plan Thursday. He announced that the $97.6 billion fund may see a surplus due to budget cuts and revenue from new taxes.

The surplus is estimated to be $851 million, according to Reuters.

There will be more money this time around because of forced cuts made by the state government.

Taxes approved by voters in November will also contribute to the surplus--a ballot initiative that increased the state sales tax for four years and income taxes on some for seven years and generate $6 billion, reported ABC.

Of the new money, K-12 schools will receive $2.7 billion and UCs and CSUs will each be give $250 million.



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