California’s budget shortfall isn’t just an abstract problem involving some out-of-whack numbers. It’s a serious crisis that’s threatening to hurt people in the wallet — in July alone, the state is talking about handing out $3 billion in IOUs to everyone from contractors to welfare recipients.
How exactly did California get into this mess, and what are state lawmakers and Gov. Arnold Schwarzenegger doing to try to get out of it? And what does the crisis have to do with the national recession?
Here are some questions:
Meltdown 101: California’s budgetary troubles – BusinessWeek
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