California lawmakers to vote on $308B spending plan

California lawmakers are set to vote on a plan to spend close to $308 billion in taxpayer money over the course of the next year.

In the new operating budget for the world's fifth-largest economy – drafted by Gov. Gavin Newsom and others – is $17 billion in new spending aimed at providing inflation relief.

Earlier in June, the Labor Department reported that inflation rose to a new four-decade high in May; it's impacted the prices for most things, like gasoline and groceries.

In California, more than 20 million residents will receive cash payments of between $200 and $1,050 to help pay for gas costs.

Businesses will receive $2.3 billion, which includes a suspension of the state sales tax on diesel fuel. The suspension lasts for a year.

The package also includes additional funding to help people pay their ... (Read more)

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