After eight years of wild swings between record surpluses and perilous shortfalls, Gov. Gavin Newsom touted a state of equilibrium Thursday with his final budget proposal: a $350 billion, fully balanced spending plan that aims to backfill deep federal spending cuts but proposes no new programs and some spending reductions.
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Newsom’s fiscal swan song comes as he gears up for a possible presidential run, as a crowded field of candidates jockey to succeed him and as the state weathers ongoing attacks from the Trump administration.
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