California Gov. Gavin Newsom on Friday proposed a $268 billion state budget that is one-third larger than the state’s current spending plan, fueled by surging state tax revenues and federal stimulus money.

He said the windfall that produced a $76 billion surplus provides a chance for the most populous state to come "roaring back" from a year mired in the pandemic — to not just recover but to improve basic infrastructure and social programs while rewarding poor and middle-class residents with cash payments.

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