California Gov. Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation's most populous state.

Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation's most populous state. But the budget Newsom announced Monday is mostly a placeholder as California waits to see if incoming President Donald Trump will follow through on threats to revoke billions in federal dollars,

SF Chronicle TURLOCK — California likely will not have a budget deficit next year, but incoming President Donald Trump’s agenda portends an uncertain road ahead for California’s budget, Gov. Gavin Newsom announced on Monday.

California Gov. Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation's most populous state. About a third of California’s budget relies on funding from the federal government,

California Gov. Gavin Newsom (D) on Monday proposed a $322 billion budget that he said would be “balanced” and without deficits — marking a significant turnaround after two years of shortfalls. Newsom delivered a “top-line” version of the 2025-2026 budget proposal at a Monday press conference,

Unlike most states, California taxes capital gains — mostly money made from investments and stocks — the same rate as money made from wages and salaries.