The governor has also struggled with California’s budget deficit, which some estimate could reach $55 billion. With the state already facing high taxes and costs of living, further tax increases could prove politically damaging for Newsom.
Looking ahead to the budget negotiations this summer, Seiler suggests Newsom may have to make concessions to the Democratic legislature that controls the process. This could undermine his credibility on fiscal matters as he eyes higher office.
Overall, while a Biden health issue prior to the 2024 election could still open the door for Newsom, the analyst believes it is best for the governor’s political future to wait until 2028 to consider running for president. However, Seiler notes that if Donald Trump wins reelection, California’s economy may improve due to federal tax cuts, which could boost Newsom’s standing regardless of who enacts such policies.