Jul
2nd
Thu
2nd
California's budget gap deepens $2 billion overnight
State budget accounting is strange. State functions happen by default. To contain the budget, they have to be interrupted by the legislature. Otherwise, a single tick of a clock can cause a deficit to swell by $2 billion. This explains why California’s deficit has been growing by $2 billion a month, like clockwork. Completely blowing the forecasts on tax revenues also helps.
(via fp)
