Gov. Jerry Brown on Monday released a revised state budget that he said protects funding for education and public safety while slashing $8.3 billion from government to close a $15.7 billion deficit.
"This budget reflects the fact that the nation’s economic recovery is proceeding more slowly than anticipated,” Brown said in a released statement. “Lower tax revenues, coupled with federal government obstructions that blocked billions in necessary cuts, have created a deeper budget hole. More painful reductions will be necessary as a result, but education and public safety must be protected.”
The governor has placed an initiative on the November ballot that will increase money for schools and provide constitutional protection for public safety funding, according to a news release from his office. The measure will enact temporary income tax increases on high-income earners. It will also raise income taxes by up to three percent on the wealthiest Californians for seven years and will also increase the state sales tax by one quarter of one percent for four years.
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