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The Big, Bad $25.4 Billion State Budget Deficit

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It's bigger...and badder...than we thought. No, it's not another Transformers movie. "The Legislative Analyst's Office projects that the state's looming deficit is $25.4 billion, much larger than legislative leaders had anticipated," reports the Sacramento Bee's Capitol Alert. At noon today, the LAO is expected to post their full report, which "will shed light on how bad next year's budget hole will be [...] and whether the economic forecast is likely to provide relief for the state's fiscal woes in coming years," said Capitol Alert earlier today, when the projected deficit was a mere $12 billion.