deficit

Ben Adler / Capital Public Radio

California’s once-enormous budget deficit has shrunk to just under $2 billion, and the state could soon have a surplus.  But Mac Taylor, California’s non-partisan legislative analyst is urging caution as state finances improve.

Not long ago, California hit rock bottom, with a massive budget deficit. 

Nearly four years ago Governor Arnold Schwarzenegger told a crowd, “the $42 billion deficit is a rock upon our chest that we cannot breathe until we get it off.”