Cap and trade drop strains the budget

The COVID-19-related economic shutdowns had already turned California’s surplus-rich general-fund budget into a deficit-soaked disaster. Then the financial news became bleaker after last month’s dismal results from its cap-and-trade auction, which yielded the state a measly $25 million as part of process that typically brings in more than $600 million in proceeds.
In fact, Gov. Gavin Newsom had originally budgeted $965 million annually in cap-and-trade funds, to pay for a variety of