Two years later, the state faced a $73 billion deficit. Now Sacramento says it's balanced again.
The state's own nonpartisan analysts say the structural problem is still there, and an AI stock
bubble could make it worse within 12 months.
This is the full breakdown: how California's budget actually works, the specific tools Sacramento
uses to paper over a deficit without solving it, and why this cycle has been running for 25 years.
California Underground covers the California stories the rest of the media ignores
— following the audits, the contracts, the budgets, and the officials responsible
for outcomes that aren't matching the promises. No team. Just receipts.
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