| The financial problems which California faces is | | | | deficit of about $24 to 428 billion dollars, and this |
| one that has been in the spotlight recently, for | | | | started the whole reason for the marathon |
| the current month the credit rating was cut to a | | | | legislature. The general budget fund for the state |
| lower investment grade. And because of facing | | | | is about $100 billion dollars, and the deficit was |
| the imminent issue of bankruptcy the governors | | | | both complete and qualified. The last time the |
| and legislators took drastic action of selling some | | | | state was on top of its game was in the fiscal |
| very valuable state owned land, released about | | | | year of 1998 to 1999, but there are a number of |
| 28,000 thousand prisoners and they also cut the | | | | different reason put forward to shed some light |
| state University budget by roughly twenty | | | | on the issue of the states misfortune. |
| percent. And right now the state has obligated | | | | The structure of the states tax is one of the |
| the 243,000 thousand workers three days out of | | | | main factors of this misfortune, the act of the |
| each month. | | | | proposition 13 was implemented some time ago |
| In this day and age the state of California has the | | | | to put a cap on the rising of property taxes. And |
| lowest credit rating in the whole of the United | | | | for some various reasons the state has started |
| States. The last fiscal year was one to expect a | | | | to depend on its great margin of income. |