What Balanced Budget?

By Janice Castro

LOOK OUT, CALIFORNIA. WHEN GOVERNOR PETE WILSON AND the legislature finally closed that huge budget gap two months ago, they employed a bit of creative bookkeeping, including borrowing from anticipated revenues. But those optimistic assumptions collapsed as the economic slump persisted. Already more than $2 billion in the hole, the new California budget may come up short a stunning $6 billion by Christmas.