Gavin Newsom blasts Trump and Bessent as ‘dumb and dumber’ while unveiling $350 billion state budget

Fortune Term SheetMay 15, 2026
californiabudgetgavin-newsompolitics2028-election

California Governor Gavin Newsom has proposed a $350 billion budget for his final year in office, emphasizing fiscal responsibility and the protection of key programs. The budget aims to eliminate deficits while building up the state's rainy day funds, countering criticisms of excessive spending. As he prepares for a potential presidential run in 2028, Newsom's budget reflects his commitment to California's values amidst a backdrop of significant spending growth since 2020.

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