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State Now Running on Borrowed Money

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California director of finance Steve Peace says that the state is now operating on borrowed money. He says the proceeds from an $11 billion bond sale have been deposited into state accounts as the governor and legislature attempt to construct a budget to deal with a projected $38 billion deficit by the middle of next year.

The governor and Legislature have agreed on spending cuts and saving proposals that would trim the deficit by about $12 billion dollars.

Davis and majority Democrats in the Legislature also are counting on another $4 billion in revenue in the fiscal year starting July 1 by a large increase in vehicle taxes.

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