As severe recession struck the nation a half-decade ago, California and most other states borrowed heavily from the federal government to prop up their unemployment insurance programs.The great moments of Blue America.
At one time, the states owed Washington more than $47 billion, but the debt has since been cut by more than half to $21 billion, and many of the debtor states have completely erased their negative balances, according to a nationwide survey by Stateline, a website on state government affairs maintained by the Pew Charitable Trusts.
But not California. The state began borrowing in 2009 and accounted for more than $10 billion of the debt at its peak, but it has declined only slightly - thanks to a political stalemate in the Capitol - and California now accounts for nearly half of the national debt total.
Tuesday, April 29, 2014
The Sacramento Bee reports:
Posted by Steve Bartin at 2:15 PM