Gov. Newsom and legislative leaders announce an agreement to bridge the state budget deficit by dipping into reserves and reducing some spending. The deal also calls for a bill in August to set aside more money and a 2026 constitutional amendment to grow the state’s rainy day fund.

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The Legislature passes a placeholder state budget, but must still negotiate with Gov. Newsom on the final deal. How the state spends taxpayer money is largely being decided out of public view.

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