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Brown Tells Democrats to Rein In California Budget: Muni Credit

California Governor Jerry Brown, running for an unprecedented fourth term, says that if he can curb his fellow Democrats’ spending dreams, the most-indebted state may win its highest credit rating in five years.

Brown and lawmakers are pushing separate versions of a budget for the fiscal year that begins July 1. Democrats who control the legislature want to spend more of the surplus money California is raking in from capital gains and $7 billion of higher income and sales taxes that voters approved in 2012. Brown says the state must first put aside money for a rainy day and pay down its debts.