SACRAMENTO, Calif. — California Gov. Gavin Newsom spent the past week working through a stack of hundreds of bills, signing significant legislation on everything from housing to abortion rights. But he also vetoed more bills than he had in the last two years combined while sending a particular message: Now is no time for California to go on a spending spree.
With inflation, war in Europe and higher interest rates pounding the stock market, many of Newsom’s veto messages contained a refrain about the uncertain future finances of a state that has enjoyed record budget surpluses in recent years: “With our state facing lower-than-expected revenues over the first few months of this fiscal year, it is important to remain disciplined when it comes to spending.”
As Newsom wraps up his first term as governor, political observers say he’s learned from others’ experience of California’s boom and bust economic cycles.
