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California’s Balanced Budget Lie | San Jose News
California’s governor and lawmakers proudly declare their new budget “balanced” — but the numbers tell a different story. With $351 billion in planned spending and only $251 billion in the general fund, they’re expecting a $20 billion shortfall. This isn’t new — for four years, California has spent more than it takes in, fueled by a past accounting error that triggered a spending spree and piled up what critics call a “wall of debt.” Budget analyst Gabe Petek warns that California’s heavy reliance on wealthy taxpayers — especially from volatile stock market investments — leaves it dangerously…
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