Day 57: California struggles with deficit; Virginia has a surplus
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California is the last state in the nation without a spending plan. The budget deficit is an estimated $19.1 billion – roughly one-fifth of the general fund. IOUs loom within weeks.
But in a stark reminder that all states do not remain mired red ink, leaders of the statehouse in Virginia are facing down a different problem entirely: a $403.2-million surplus. Yes, a surplus.
Virigina’s Republican Gov. Robert F. McDonnell took to the radio to defend the development Thursday.
-- Shane Goldmacher in Sacramento