LOS ANGELES -- Democrats in the California State Assembly released a "blueprint for a responsible budget" for the next fiscal year that would eventually create an $8 billion reserve while boosting spending on higher education and social services.

Assembly Speaker John A. Pérez, D-Los Angeles, and Assembly Budget Chair Nancy Skinner, D-Berkeley, released the 2014 plan on Wednesday, ahead of Gov. Jerry Brown's initial budget plan, expected to be presented to the legislature next month.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.