California Gov. Gavin Newsom on Monday proposed a $100 billion economic stimulus plan that would triple the state’s direct cash assistance program to reach an estimated two-thirds of residents.
The announcement comes as Mr. Newsom said the state is expecting an unprecedented $75.7 billion state budget surplus, due largely to booming tax revenues from wealthy residents.
The budget proposal, if passed by the Legislature, would send $600 tax rebate checks to households making up to $75,000 and an additional $500 to families if they have children. The cost of the new checks is about $8.1 billion.