State Deficit Will Be $15 Billion

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A major credit rating firm says California's budget deficit will grow to $15 billion because of accounting gimmicks used by state political leaders to balance the budget. According to the Chron, Moody's also criticized the state's plan to raid $1 billion from local coffers, warning that it would harm the credit ratings of city and county governments. A top Moody's official said the state's budget leaves California "poorly positioned for budgetary balance in future years."

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