By Dan Walters
May 25, 2016 4:34 PM
- State had anticipated more than $500 million from sale of allowances
- The state will see just $10 million from latest auction
- Shortfall could affect ambitious spending plans, including high-speed rail
Gov. Jerry Brown and the Legislature got some bad news Wednesday about plans to spend more than $3 billion in proceeds from the state’s “cap-and-trade” auction of carbon dioxide emission allowances.