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Photo: Justin Sullivan via Getty Images

California secured a more than $75 billion budget surplus after boosts from a thriving stock market and tax revenues, Gov. Gavin Newsom (D) said Monday.

Why it matters: Last year, the governor's office projected a budget deficit of up to $54 billion due to the fallout from the COVID-19 pandemic — about a quarter of the entire budget. On Monday, Newsom laid out his plan to use the surprise surplus to fund what he called the biggest economic recovery package in state history.

Details: Newsom's $100 billion proposal would provide $12 billion more in direct payments to residents: $600 for most people along with an additional $500 for families with dependents.

  • The money would go to families earning less than $75,000 annually.
  • The package would also assist renters, covering 100% of their past-due rent.

What to watch: Newsom will announce the rest of his proposal in an address on Friday.

What he's saying: "This is just the first of many announcements this week across the spectrum that amplify the narrative of this state truly roaring back," Newsom said at an address.

Go deeper

Updated Aug 11, 2021 - Health

Minnesota latest state to mandate vaccines or tests for state workers

Minnesota Gov. Tim Walz (D). Photo: Scott Olson via Getty Images

Minnesota on Wednesday joined a growing list of U.S. states mandating COVID-19 vaccines or testing for state employees in an effort to fight the spread of the highly transmissible Delta variant.

What they're saying: "Vaccination is the best way to keep employees and the people we serve safe and ensure the Delta variant does not derail our economic recovery," Gov. Tim Walz (D) said in a statement announcing the mandate.

Dan Primack, author of Pro Rata
38 mins ago - Economy & Business

The great venture capital resignation

Illustration: Rae Cook/Axios

A growing number of top VCs are calling it quits, long before typical retirement age.

Between the lines: Generational turnover isn't new for venture capital, but in the past it's been born of lean times. What we're seeing now is the byproduct of unprecedented success.

Top economic regulators stressed by vacancies

Illustration: Annelise Capossela/Axios

The boom times are all around us (from corporate deal sprees to the breakneck rise of cryptocurrency) — and the agencies in charge are stretched thin trying to police it.

Why it matters: Overwhelmed staff and a slew of vacant posts could set back President Biden's big regulatory agenda.

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