California Governor Proposes Budget With Warning on Trump (1)

California Gov. Gavin Newsom (D) on Monday proposed a budget with a surplus that is due partly to a booming stock market, but cautioned the state’s spending plan may change significantly after President-elect Donald Trump takes office later this month.

The governor’s plan calls for $229 billion in general fund spending, an 8% increase from the $212 billion approved last year. The proposal would add to the state’s reserves to cover unexpected emergencies. The projections represent a major reversal from a year ago when lawmakers had to cover a deficit estimated at $27 billion when the current budget passed.

Newsom ...