“Today, Governor Gavin Newsom put forth his May budget revision, which seeks to close a projected $12 billion deficit for the upcoming fiscal year amid strong economic headwinds driven by federal tariffs, recent natural disasters, and ongoing stock market volatility.
We recognize that our State is facing unprecedented challenges, which will require a sober approach and result in some difficult decisions. However, I have deep concerns about proposed cuts to programs that support our state’s competitive edge, including funding reductions for the University of California and California State University systems. These reductions risk undercutting the talent pipeline that powers California’s innovation economy. Additionally, any limits in investment in our state’s leading tech sector could have long-term consequences for economic resilience and job creation.
As California navigates this period of uncertainty, we must continue to prioritize programs and investments that support the state’s overall economic competitiveness. Strategic investments in education and technology are essential to sustaining economic growth and maintaining California’s leadership in innovation, especially given the headwinds we face from federal policy shifts and global market swings. I’m encouraged to see funding support for initiatives like the National Semiconductor Technology Center and broader statewide AI deployment. These forward-looking investments are critical to ensuring California remains at the forefront of technological advancement.
Now more than ever, our state should remain focused on long term drivers of economic success. We look forward to continued engagement with Governor Newsom and state policymakers to ensure that budgetary decisions support the resilience and advancement of California’s innovation economy.”
