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This Thursday, Governor Jerry Brown will be proposing his third budget after being reelected. The State of California once faced a deficit of $25 billion which has been drastically decreased to $1.9 billion after a series of budget cuts imposed by Governor Brown. This is the first time after several years that California is not going to face major budget cuts.
Due to the voters passing of various tax increases, California is expected to have a budget surplus within the next two fiscal years. To accomplish this, Governor Brown must continue to reduce or minimize government spending.
With the Democratic Party holding a super-majority in California, many are skeptical as to the future of the State of California. However, after enduring several years of double-digit budget deficits, extensive budget cuts, and massive layoff, California faces a strong likelihood of having a budget surplus thanks to voter approved tax increases.