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State controller: California is running out of cash

posted Feb 1, 2012, 6:01 AM by Gary Jones   [ updated Feb 1, 2012, 6:01 AM ]
The controller said the overarching problem is that, as of the end of the year, the state was spending $2.6 billion more than was included in the budget while tax revenues coming into state coffers were $2.6 billion below projections.

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