The Big Lie
Over the past weekend, Gov. Jerry Brown of California took to the safety of YouTube to reveal that the Golden State's budget deficit is now $15.7 billion, far greater than the original $9.2 billion estimate in January. (CNN, May 15, 2012)
The Simple Truth
The State Government of California has $100's of billions in liquid investments and assets, could easily pay off all of its debt tomorrow, and would have $100's of billions left over.