What Balanced Budget?

LOOK OUT, CALIFORNIA. WHEN GOVERNOR PETE WILSON AND the legislature finally closed that huge budget gap two months ago, they employed a bit of creative bookkeeping, including borrowing from anticipated revenues. But those optimistic assumptions collapsed as the economic slump persisted. Already more than $2 billion in the hole, the new California budget may come up short a stunning $6 billion by Christmas.

...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!