Newsom Says Revised California Budget Eliminates State Deficit Through 2028
California Gov. Gavin Newsom at the 62nd Munich Security Conference on Feb. 13, 2026. Johannes Simon/Getty Images Gov. Gavin Newsom on May 14 released a revised 2026–2027 California budget proposal that his office says eliminates the state’s projected operating deficit through July 2028. Late last year, the state’s nonpartisan budget analyst warned that California was