August 20, 2014
SACRAMENTO, Calif. (AP) - After years of double-digit deficits, California's fiscal outlook is looking brighter.
Gov. Jerry Brown on Thursday will propose his third budget since reclaiming the governor's office. It's expected to be the first time in many years that the nation's most populous state does not face drastic budget cuts.
The state still must address a $1.9 billion deficit, but that is far from the $25 billion shortfall Brown faced when he started his latest term as governor two years ago.
Thanks to tax increases approved by voters, California is projected to have a budget surplus within two fiscal years if Brown can keep the Legislature's Democratic supermajorities in check and hold down spending.
The Democratic governor says California isn't going to spend money that it can't afford to spend.
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