California Governor Jerry Brown speaks during a news conference at the State Capitol in Sacramento

California lawmakers pass $115.4 billion budget in deal with governor

California Governor Jerry Brown speaks during a news conference at the State Capitol in SacramentoBy Sharon Bernstein SACRAMENTO, Calif. (Reuters) – California lawmakers passed a $115.4 billion budget on Friday as part of a deal with Democratic Governor Jerry Brown to hold back spending even though the state’s financial picture continues to improve. The budget for the fiscal year that begins July 1 includes $2 billion to pay down the state’s so-called wall of debt and socks away $4.6 billion into a rainy day fund pushed by Brown and enacted by voters last fall. Democratic leaders scaled back about $2 billion worth of additional spending proposals as part of a deal with Brown, who has forcefully steered a fiscally moderate path for the state.

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