Jan. 9 (Bloomberg) -- California Governor Jerry Brown proposed a record $106.8 billion budget as state coffers brim with the biggest surplus in more than a decade, setting up a fight with fellow Democrats who want more spending.
The 75-year-old Brown, who may seek a fourth term this year, called for an 8.5 percent increase from current spending, with $11 billion to pay off loans that papered-over previous deficits, and $1.6 billion in reserves, while increasing funds for schools, welfare and health care for the poor. Brown also said he’ll back a constitutional amendment to stockpile unpredictable capital-gains taxes and deal with looming shortfalls in public pensions.
“This year the news is very good, but by no means are we out of the wilderness yet,” Brown said today at a briefing.“We must be very prudent in how we spend public funds.”
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