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California Scores Huge Budget Surplus, Leading To Possible Additional Stimulus - YouTube
Channel: CBS Los Angeles
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well california is flush with cash how
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about that
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and that could mean a nice payday for
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you that's right after dire predictions
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a year ago about our state's financial
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health
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amid the coronavirus pandemic governor
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newsom says california
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has a 75 billion dollar budget surplus
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well kcal9 political reporter tom wade
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is here now with more on the fiscal
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turnaround and what governor newsom
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wants to do with that surplus money he
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wants to give it away
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to a lot of people but it is a surprise
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this surplus that we have
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so if you make less than 75 thousand
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dollars a year
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you're likely to get a stimulus check if
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state lawmakers approve the governor's
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plan which they are expected to do
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newsom says this is the best way to
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continue to rebuild the state's economy
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but his recall opponents say this is
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just a publicity stunt
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i'm about to make an announcement no
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other governor in california history has
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ever made
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governor gavin newsom revealed
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california has one of the biggest budget
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surpluses in state history
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despite gloomy predictions a year ago
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that the pandemic would destroy the
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state's economy
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and newsom says he wants to give
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billions back to the middle class and
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poor families
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today we're announcing a 75.7
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billion dollar budget surplus that tax
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rebate
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will impact just shy of 80 percent of
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all
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tax filers will get a direct stimulus
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check
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here's who's eligible for this new round
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of stimulus money
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600 direct payments will go to taxpayers
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making up to seventy five thousand
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dollars a year
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families with kids get an extra five
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hundred dollars undocumented families
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are also eligible
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to receive five hundred dollar payments
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and there's rent and utility help as
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well
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five billion dollars has been set aside
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for rental assistance
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and two billion dollars has been set
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aside for overdue
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utility bills just a struggle day by day
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kimberly cunningham of los angeles was a
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flight attendant who was laid off at the
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beginning of the pandemic
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she says a new round of stimulus is
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desperately needed
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even the ones who are making 100k i
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think every family deserves that
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stimulus check times is hard they have
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mortgages
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families to take care of you know
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everyone
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needs it this is the second round of
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stimulus payments from the state since
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the outset of the pandemic
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but the first checks only went to people
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making less than 30 thousand dollars a
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year
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newsome's recall opponents pounced on
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the announcement
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republican john cox said today it was
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just a ploy to score votes
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we're gushing revenue isn't that great
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the governor's got a lot of money to
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hand out and of course
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he's worried about his own neck in terms
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of his political ambition and
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and and that's why you know he's talking
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about this now
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the taxpayers that's the taxpayers money
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frankly
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california has the highest taxes in the
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country
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the state is flush with money professor
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of political science fernando guerra
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says states across the country
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also have surpluses it's just that
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california has even more money and it's
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up to the governor how to give it back
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some part this is not state money it's
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federal money given through the states
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and it is the job
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of the state the governor to figure out
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how to do it and every governor right
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now is in this situation
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and one can't say one way is better than
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the other
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so is he using it and it might help him
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politically
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probably but he's still doing what is
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required
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by the federal regulations that are
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being given out
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with this money the reason for
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california's surplus
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the state's richest saw their wealth
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surged during the pandemic
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thanks to stocks and the state collected
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billions more than expected
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in capital gains taxes some economists
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worry though that the stimulus payments
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are too much and that people may not
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look for work i'm not sure what that
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does for our economy
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if anything is going to make it more
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miserable
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for small business owners who are
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relying very heavily on the minimum wage
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workers to come back
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and these workers are not showing up but
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struggling californians say it's money
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they need it helped me out enormous that
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would be like a down payment for
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to fly my way into an apartment it will
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help me you know with rent you know
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with you know electricity you know
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things like that
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just you know everyday life the cost of
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living in california
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is just like ridiculous
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calvin faulconer the republican former
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mayor of san diego who's also running in
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the recall election said in a statement
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california needs permanent real real tax
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relief
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not just one-time stimulus checks
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