As we said in December when the unofficial estimate was $5 billion smaller:
"California faces record $68 billion budget deficit, nonpartisan legislative analyst says"
Unlike the federal government, the states can't print money. Fortunately for the legislatures, if not their constituents and grandchildren of same, the states have four options.
The can raise taxes, they can cut spending, they can borrow money, they can go to Washington and ask/demand/beg for more loot.
So one way or another California's deficit will get addressed....
Here's the official Legislative Analyst's analysis, February 20:
Deficit Update
Under LAO Revenue Update, Budget Problem Grows by $15 Billion
And here with some Cali. "tomorrow will take care of itself, today we party!" commentary, tinged with a bit of dark underbelly of reality grit, Ladies and Gentlemen, The Ramones:
