A financial report says that the state’s negative status increased largely because it spent $1.7 billion more than it received in revenues and wound up with an accumulated deficit of just under $23 billion in fiscal year 2011-2012.
About half of the deficit came from the state issuing general obligation bonds and then giving the money to local governments and school districts for public works projects. The report listed California’s long-term obligations at $167.9 billion, nearly half of which ($79.9 billion) were in general obligation bonds, with another $30.8 billion in revenue bonds, the Sacramento Bee reported.
This is the consequences of: Spending on INSANE LIBERAL POLICIES & TAKING IN ILLEGALS and SUPPORTING SANCTUARY CITIES. California is BROKE! President TRUMP should let them go bankrupt and then see what they do with their ILLEGALS! Maybe all the big Hollywood big wigs could chip in a million or two to save the state!