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Gavin Newsom: “Balanced budget that we're submitting in 2627 and a balanced…”

Featuring: Gavin Newsom, Democratic | Governor of California

LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU

Published May 14, 2026 | Video Starts at 32:09

… direct cuts that exacerbate the challenges in a state that prides itself on abundance and a mindset and support as a core value of those most in need. So again, Balanced budget that we're submitting in 2627 and a balanced budget in 2728. This is a two year budget. I'm not just trying to get out of dodge and enjoy six months of the next governor saying, well I left you a balanced budget. (32:09–32:17)

CLAIM

Asserts that a balanced budget is being submitted for fiscal years 2026-2027 and 2027-2028.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Gavin Newsom

“California's economy grew from $3 trillion in 2019 to $4.25 trillion.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 02:46-02:54
“Two-thirds of venture capital investment, $106 billion, is invested back into California-based companies.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 03:40-03:46
“California has over 400 unicorn companies.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 04:13-04:18
“18% of the world's research and development is in California.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 05:38-05:46
“The number of legal immigrants was cut in half because of the policies of the Trump administration. 220,000 down to 125 last year.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 08:26-08:36
“Down 64% in exports to China since Donald Trump got into office.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 09:58-10:05
“46% increase in farm bankruptcies since he's become president.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 10:09-10:15
“65% of all CSU and UC graduates graduate debt free.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 27:48-27:55
“We got down to 6.4% on uninsured.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 59:42-59:47
“We're the first to regulate large language models and frontier models, the first safety regulation in America.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:03:43-1:03:50
“We continue to go after nation leading efforts on fraud. 83% reduction in EBT fraud.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:14:35-1:14:41
“California is the tent pole of the American economy.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 02:02-02:06
“California ranks number one in the number of Fortune 500 companies.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 03:16-03:21
“California's economy grew by 40% since 2019.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 04:50-04:54
“California is impacted by headwinds from Washington D.C. more than any other state.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 06:05-06:14
“He wants to cut the National Institute of Health by 40%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 07:28-07:32
“He wants to cut the National Science Foundation by 57%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 07:31-07:36
“California was the first state to litigate on those illegal tariffs.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 09:13-09:18
“$18.4 billion tax increase [due to tariffs] for people in the state of California adds up to about $1,350 per family.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 09:30-09:34
“Exports drop 32%. The wine and spirits business, 32%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 09:39-09:45
“190,000 roughly blue collar jobs have been cut. Manufacturing jobs have been lost.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 10:46-10:53
“16% reduction in factory construction.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 10:59-11:03
“18% increase in energy, 21% increase in the cost of you flying up here from LA.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 11:15-11:21
“Gasoline by 52% since this war, Iran.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 12:17-12:22
“GDP growth contracting. Well, at least it's fallen from that growth. 2.8%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 12:35-12:41
“U.S. inflation. You saw the 3.8% numbers just came out two days ago. Highest it's been in three years.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 12:40-12:47
“Unemployment has gone up since Donald Trump.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 12:46-12:51
“The budget we are submitting for the 2026, 2027 fiscal year is balanced and it includes about $250 billion in general fund.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 15:50-16:07
“It projects because of the big three back to California dominating revenue beyond what we had projected in January north of $16.5 billion.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 16:14-16:30
“Since their November estimate it's $56.3 billion more than they had originally estimated just in November.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 16:57-17:05
“We're looking forward to this year...on reforming proposition two and doubling our set aside from that 10% to 20%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 18:14-18:34
“When I got here, we were about $17,000 per pupil. Now it's over $28,000, $28,282 per student.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 19:26-19:36
“This year we're going to announce the largest investment in special education in California's history.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 20:03-20:09
“$2.4 billion more that we're going to invest in special education. 43% increase, just over one calendar year period.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 20:16-20:25
“We are significantly increasing [the block grant] to $5 billion in this budget.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 21:21-21:26
“We are going to promote and propose and have proposed a 14 week paid pregnancy leave program statewide for all our TK through 12 as well as…”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 21:50-22:03
“4.31% Super Cola this year there's a statutory cola about 2.87%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 22:09-22:17
“Over the last seven years we've invested about $715 million on literacy.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 22:46-22:54
“We lead dominate the nation in community schools.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 24:15-24:18
“We are the first in the nation to do free two free school meals with no stigma, no shame.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 24:57-25:03
“The UC budget is $254.3 million more than last year.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 27:08-27:17
“The CSU budget is $264.8 million more than last year.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 27:08-27:17
“65% of UC graduates and CSU graduates graduate debt free.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 28:03-28:09
“Just shy of 19,000 more Californians graduating since the compact's from the CSU.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 28:20-28:29
“14,774 more Californians at the UC.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 28:35-28:40
“We're projecting 3.6 billion, proposing to pay down our unfunded liabilities.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 30:00-30:07
“Over the last seven years it's about 14, or rather $15.4 billion that's been paid down.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 30:12-30:19
“You've seen almost 44, almost just high 44% growth at CalPERS and the total funding.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 30:34-30:41
“77.5% funded.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 31:00-31:03
“Bond ratings have improved. And you've seen the bond rating improvement since 2018 in Moody's and Fitch.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 31:31-31:38
“Structural deficit through July of 2028 actually has an SFEU as we refer to it in 2028 of 2.1 billion.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 32:50-33:02
“The SFEU this year you can talk to them about that is 4.5 billion.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 33:01-33:07
“MCO proposal. It's about 4.5 billion over the window and 2.5 or 4.5 in the short term, 2.5 in the medium term in terms of revenue…”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 34:04-34:15
“We're going to cut the LLC ESCOR tax, that annual $800 tax for an estimated 250,000 businesses down to $400.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 35:00-35:09
“Capping the tax at 5 million or 50% of their liability [for startups and small businesses].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 35:08-35:25
“That's about 850 to 1.7 billion year one year two of new revenue [from capping tax credits].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 35:34-35:42
“There are 45 states that collect sales taxes in the United States. 35 of those 45 already do this [collect sales tax on digital software].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 36:16-36:16
“We estimate by doing that [collecting sales tax on digital software], 75% of those transactions are business to business.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 36:34-36:41
“This generates in terms of expanding that tax base... it's about 24. The estimated revenue in the 900ish range for the state a little higher…”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 36:55-37:16
“We will be cutting in half those two, three, four year out year deficits.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 38:02-38:08
“The general fund from January to May is down... by $1.8 billion from where we projected the general fund to be in January in May.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 40:35-40:53
“We're 36 in the nation in number of state employees and local employees.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 41:54-41:59
“42 billion just as an example in infrastructure.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 45:42-45:46
“$109 billion at work today, the biggest investments arguably even adjusted dollars.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 45:55-46:04
“180 billion 10 year plan.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 46:24-46:28
“The Darden project that a 5 billion dollar 2,300 megawatt project, the battery storage solar project.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 47:00-47:07
“Sites was 148 days on a 270 day judicial review.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 47:09-47:13
“We created a program. And the reason I'm highlighting this is it's been a big success. This is the calisys program we created a year ago.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 48:47-48:57
“Family earning up to $281,000 can get a grant, not a loan of up to $100,000 for 12 months to address needs.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 49:12-49:25
“Over a thousand families have taken advantage of this [grant program].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 49:26-49:30
“We're proposing to the legislature a new $100 million fund.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 50:18-50:23
“We've set aside $100 million in the budget specifically for this [housing assistance].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 50:42-50:48
“California's increased since 2009 by 57%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 51:21-51:27
“We've reduced the timeline to getting permits for housing 57% since 2019.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 51:27-51:34
“We've increased the number of housing production since 2019 by 59%.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 51:34-51:39
“For the first time in a decade and a half, almost two decades, we've seen almost double digit decline in unsheltered homeless.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 55:05-55:12
“We're moving forward as it relates to pro housing designation.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 56:08-56:13
“We're moving forward as it relates to meeting their goals under Proposition 1 and the $6.38 billion of investment we're making.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 56:12-56:22
“We're moving forward with the local housing element.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 56:12-56:22
“On July 1st, the Mental Health Service act money and the Reforms to focus on a close to a billion dollars a year, new housing.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 56:23-56:29
“The reserves in this year's budget, $29.9 billion in total reserves.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 57:01-57:07
“We have an extra $10 billion in the surplus account.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 57:28-57:32
“Total surplus in the states, roughly $40 billion.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 57:31-57:34
“California structural deficit on the basis the proposal we're making to the legislature through July of 2028, it is currently May of 2026…”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 58:29-58:42
“Texas with its 16.7% uninsured.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 59:48-59:52
“We will have July 2028 $2.1 billion SFEU and enjoy $4.5 billion SFU in the current budget.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:00:06-1:00:19
“The first to do the big executive order before the Biden administration.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:03:49-1:03:54
“None of that's going to be factored into this fiscal budget. This year's fiscal budget.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:04:29-1:04:34
“Already made some adjustments from the original draft at the Air Resources Board.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:04:46-1:04:51
“I do not see that scenario taking place.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:06:09-1:06:13
“There is a break the glass scenario and there's many people that have a deep understanding of what it would look like if Democrats were…”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:06:47-1:06:56
“We have high ethical standards and that's just wrong.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:08:04-1:08:08
“In the short run, $1.2 billion of lower costs.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:09:02-1:09:07
“None of this existed at the scale that existed today.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:10:53-1:10:57
“The 500 million is new money.”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:10:57-1:11:00
“No other state in the nation has done more [on the issue of mental health].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:16:06-1:16:11
“No other state in the nation has done more [on the issue of mental health].”
LIVE: California Gov. Gavin Newsom proposes revised budget | KTVU | Uploaded May 14, 2026 | 1:16:06-1:16:11