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California Faces a New Quandary, Too Much Money

posted May 30, 2013, 2:49 PM by Gary Jones   [ updated May 30, 2013, 2:50 PM ]

After years of grueling battles over state budget deficits and spending cuts, California has a new challenge on its hands: too much money. At first glance, the situation should be welcome news in a state overwhelmingly controlled by Democrats, who have spent much of their time slashing programs they support. Instead, the surplus has set off a debate about the durability of new revenues, and whether the money should be used to reverse some of the spending cuts or set aside to guard against the inevitable next economic downturn.

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