California Gov. Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation's most populous state.

But the budget Newsom announced Monday is mostly a placeholder as California waits to see if incoming President Donald Trump will follow through on threats to revoke billions in federal dollars, which could force lawmakers to make painful cuts to essential programs.

Gov. Gavin Newsom (D-CA) proposed a $322 billion budget for California on Monday in an attempt to burnish his legacy as his time leading the state draws to a close. If his budget is approved, it would be the first time in two years California is not expected to have a deficit in its state

California Republican Kevin Kiley has introduced legislation barring the state's high-speed rail project from receiving any more funding.

Dismissing high-speed rail critics, Gov. Gavin Newsom announced the rail authority would begin laying tracks outside Bakersfield