Vowing to keep the state on a path to long-term fiscal stability, Governor Edmund G. Brown Jr. today proposed a balanced budget that pays off more than $11 billion in debt and builds a lasting rainy day fund while continuing to invest in public schools and expand health care coverage for millions.
"With a decade of intractable deficits behind us, California is poised to take advantage of the recovering economy and the tens of thousands of jobs now being created each month," said Governor Brown. "But given the vagaries of the business cycle, we must be ever vigilant in the commitment of public funds. Wisdom and prudence should be the order of the day."
When Governor Brown took office, the state faced a massive $26.6 billion budget deficit and estimated annual shortfalls of roughly $20 billion. On Governor Brown's watch, the state eliminated these deficits with billions of dollars in cuts and new temporary revenue approved by California voters.