As Covid continues to wane in the U.S., the effects of the trillions of dollars in Covid spending are manifesting. While some of the funds were needed to weather the pandemic, others let states pad their bank accounts. In California, Gov. Gavin Newsom announced the state has a $97.5 billion surplus, according to NBC News.
Newsom and others have attributed the surplus to rising income tax revenue. But for the past two years, states have seen exorbitant amounts of federal funds come in thanks to Covid relief.
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