Calif. Still Faces $28B in Debt Under Brown’s Budget Plan
Although Gov. Jerry Brown (D) declared that California would have a budget surplus if his fiscal year 2013-2014 budget proposal is implemented, the state still would owe nearly $28 billion in funds and bonds that it had extracted or withheld over the years from various sectors to balance the budget. Once the state begins paying off the debt in July, the state in 2017 would still have $4.3 billion in outstanding debt, mostly for delayed payments to health care providers and schools and municipalities, Brown said.
- "California's Debt Still a Heavy Cloud Over State's Future" (Halper/ Megerian, Los Angeles Times, 1/13).