Democrats control California's Legislature, and its governor, Jerry Brown, is a Democrat. California is home to some of America's richest people and...
I thought all states had to have balanced budgets. How does CA get a bye on this?
California was once the land of opportunity, but it is going down the tubes. Several of California's prominent cities have declared bankruptcy, such as Vallejo, Stockton, Mammoth Lakes and San Bernardino. Others are on the precipice, and that includes Los Angeles, California's largest city. California's 2012 budget deficit is expected to top $28 billion, and its state debt is $618 billion. That's more than twice the size of New York's state debt, which itself is the second-highest in the nation.
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