Overview

• The budget involves $16 billion in spending cuts and temporary tax increases on businesses with over $1 million in revenue.
• Lawmakers reached an agreement that involved concessions from both sides, delaying some progressive policies.
• The budget also draws from reserves and cuts state operations by nearly 8%, affecting various social programs.
• Future deficits are still projected, despite the measures taken to address the current shortfall.
• The budget includes efforts to amend the state constitution to allow for increased reserves to handle future financial challenges.