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January 11, 2013

Tax hikes and budget cuts put California back in black

Associated Press

SACRAMENTO, Calif. — Riding a wave of new tax revenue, California's spending plan for the coming fiscal year will rise by nearly $5 billion, a powerful indication that the state that came to symbolize fiscal mismanagement during the heart of the recession is emerging into brighter days.

Gov. Jerry Brown on Thursday proposed a $97.6 billion general fund budget for the 2013-14 fiscal year that wipes out years of deficits and even includes a modest surplus.

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