Economic uncertainty prompts more Newsom vetoes as California tax deadline nears

Gov. Gavin Newsom waits to sign legislation raising fast food workers minimum wage to $20 an hour at SEIU Local 721 in Los Angeles on Thursday, September 28, 2023. This is a week of waiting and watching for legislators, lobbyists, journalists, bureaucrats and other denizens in and around the state Capitol.

Many of Newsom’s veto messages contain the same language, lamenting that after the state dealt with a $30 billion budget deficit, the Legislature sent him measures that “would add nearly $19 billion of unaccounted costs in the budget.” Jason Sisney, the state Assembly’s chief budget watcher, noted in a recent email that the 2023-24 state budget assumes the state will receive $52.3 billion in taxes in October, about 80% of them income taxes, which are by far the budget’s most important revenue source.

After disposing of the remaining bills from the 2023 session, Newsom must make a series of decisions within about six weeks over framing the 2024-25 budget that he will present to the Legislature in January. Those decisions will, in large measure, hinge on the expectations of the state’s economy over the ensuing 18 months.

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