The recent CalMatters commentary rightly exposes the fiction that Governor Newsom and legislative leaders have delivered a truly balanced 2026–27 budget. Despite official claims of fiscal prudence, the $351 billion spending plan masks a structural deficit of approximately $20 billion, financed through reserve drawdowns, deferred obligations such as $3.9 billion in constitutionally required school aid, and other accounting maneuvers that perpetuate a “wall of debt.”
