Key Assembly and Senate Working Groups Unveil Joint $100 Billion Economic Stimulus Plan
Sacramento, California – Key working groups from both houses of the California State Legislature are prioritizing economic recovery in the final weeks of session and have developed a joint $100 billion stimulus plan, building upon the successful collaboration that led to a balanced state budget addressing the $54 billion deficit.
Senator Portantino, Chair of the Senate Appropriations Committee, sits on the economic working group led by Senators Bob Hertzberg (D-Van Nuys) and Steven Bradford (D-Gardena), and Assemblymembers Phil Ting (D-San Francisco) and Jacqui Irwin (D-Thousand Oaks). Lawmakers aim to protect Californians and spur job creation during and even after the COVID-19 crisis. Legislative leadership in both houses have been supportive of the working groups’ efforts.
“Our economic recovery proposal offers help to small businesses and institutions, It seeks to generate 100 billion dollars without raising taxes and spends it on urgent targeted needs - jobs, stability, housing and structural support. I'm very proud of this cooperative plan that will help our state navigate this unprecedented international pandemic that is inflicting significant harm to our neighbors across California,” commented Senator Portantino.
The stimulus plan aims to raise $100 billion through a new tax voucher program and the acceleration of other existing revenue streams. The money would be used to boost the economy and protect jobs, small businesses, and working families.
The working groups will also seek input from the Newsom Administration, including the Governor’s Task Force on Business and Jobs Recovery, and from the public. Both houses will work together to approve measures by the August 31, 2020, legislative deadline and identify priorities for the next session.
“The Senate and Assembly have been working with the best minds for months to develop the most impactful economic recovery package without harming our state budget. I am excited to share our legislative ideas with the Governor and his Task Force so that together we can protect every-day Californians from further economic fallout created by the pandemic,” added Senate Majority Leader Bob Hertzberg.
An outline of the economic plan is attached.