L.A.’s political leaders have been buffeted by bad budget news since the outbreak of COVID-19 — business shutdowns, plummeting tax revenues, a hollowed-out tourism sector and a financial gap that has steadily grown to $750 million.
On Wednesday, Mayor Eric Garcetti and other city leaders received an unmistakably positive sign of a turnaround, with passage of a massive federal relief package that’s expected to send $1.35 billion directly to Los Angeles.
Garcetti said this week that he was “ecstatic” about the stimulus bill, which he predicted would help the city cover coronavirus expenses, pay off key debts and possibly free up money to provide additional help for struggling workers, businesses and others.
“This is not going to be excess money,” he said. “It will be able to fill the hole for this year and for next year.”
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