Newsom tees up an optimistic budget after a $16.5B revenue windfall
TL;DR Summary
Gov. Gavin Newsom released an early preview of his budget showing a $16.5 billion revenue windfall over three years and a rosier fiscal outlook, but with few specifics on how to close looming deficits for 2026–27 and 2027–28; he floated a corporate tax-credit cap and rolled out new spending like ACA premium relief for low-income Californians, $100 million for wildfire-rebuilding loans, and 400 free diapers for newborns as he prepares a fuller proposal and weighs a potential 2028 presidential run.
- Newsom offers early peek at rosy budget projections Los Angeles Times
- California's flush with cash. Newsom wants to cut spending anyway. Here's why. CalMatters
- A 3-minute glance at governor's CA budget plan: 'Cutting deficits, not corners' (Video) Sacramento Bee
- Newsom’s California Budget Bolstered by Extra Cash from AI Boom Bloomberg.com
- Gov. Newsom’s budget proposals: A digital software tax, new state savings account and more KCRA
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