A state-by-state analysis of how state governments are handling taxing & spending during the current lean years.
Here is the report for California:
Fiscal management: PoorPosted by Greg RansomAnnual spending change: +9.1%
Annual tax rate change: -1.0%
2002 budget: $133.1 billion
The state borrowed $11 billion last week to cover its 2003 deficit. It will borrow another $2 billion to make a required contribution to the state employees' retirement system. Democrats, who control the Legislature and the governor's mansion, have been spending $1 billion a month more than the state takes in for two years.