Portantino, Assembly and Senate Working Groups Unveil Joint $100 Billion Economic Stimulus Plan

State Sen. Anthony Portantino (D-Pasadena) who chairs the Senate Appropriations Committee and senators on the economic working group  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.

“Our economic recovery proposal offers help to small businesses and institutions,” Portantino said. “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.”

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.

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 Gov. Gavin Newsom’s 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 legislative deadline and identify priorities for the next session.