California lawmakers have approved a $122.5 billion general fund state budget. Senate Leader Kevin de Leon says the budget is fiscally responsible and increases the state's reserves, bringing them up to more than $8 billion.
“That being said, at the same time, we pushed and we pushed hard to make sure we make investments in the most vulnerable communities in California," he said.
The spending plan repeals a decades-old welfare rule that limited aid to children. It allocates more than $500 million over several years to increase reimbursement rates for child care providers and adds slots to state-funded pre-school programs. It also sets aside $400 million for affordable housing.
Assembly Speaker Anthony Rendon called the budget historic for both its social polices and its level of reserves.