California’s Newsom Quietly Drops Climate Bond While Lawmakers Push Plans

California Gov. Gavin Newsom (D) has quietly dropped a proposal to ask voters to approve a $4.75 billion climate resilience bond, with administration officials arguing it would be too costly to take on such high levels of debt in light of the economic devastation being caused by the COVID-19 emergency. Newsom’s decision to drop the proposal as part of last week’s release of his revised fiscal year 2020-21 budget plan was a surprise to some lawmakers, who are now advancing...