Gov., Legislative Leaders Reach Deal on Unspent Cap and Trade Dollars

In a last minute deal, Gov. Jerry Brown and Legislative leaders reached an agreement on how to spend nearly $1 billion in cap and trade revenues. The spending plan was announced and voted on Wednesday, squeaking through just hours before the Legislature adjourned for the rest of the year. Most of California's cap and trade revenue is already earmarked for programs like high-speed rail and affordable housing. This agreement sets aside some of the remaining money for transit projects, rebates for energy efficient cars and the creation of new urban parks.