California lawmakers pass a balanced budget

Townhall Staff

Jun 16, 2011 9:17 AM Jun 16, 2011

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NEW YORK (CNNMoney) -- California lawmakers passed a balanced budget Wednesday that relies on spending cuts, fund transfers and one-time revenue boosts, but allows them to keep collecting their paychecks.

The budget now goes to Governor Jerry Brown, who has said for months that he wanted to present Californians with a gimmick-free budget that would solve the state's $26 billion deficit with a combination of tax extensions and spending cuts.