California Now Has So Much Money Coming In That It Doesn't Know What To Do With It

Justin Sullivan/Getty ImagesA construction worker makes last minute repairs to a pedestrian walkway near the Golden Gate Bridge in San Francisco, California.California now has so much projected revenue that Sacramento legislators don’t what to do with it, the New York Times’ Adam Nagourney reports.

The final budget surplus figure for 2014 will fall somewhere between $1.2 and $4.4 billion, depending on who’s counting. 

“An unexpected surplus is fueling an argument over how the state should respond to its turn of good fortune,” writes Nagourney.

Just three years ago, of course, the state was running a $60 billion deficit.

The surplus is almost certainly the result of wealthy Californians trying to bank capital gains before the Bush tax cuts expired, Nagourney says.

But however it got there, state officials are already bickering over whether the money should be set aside or used to revive mothballed programs.

Read the full report on NYTimes.com >

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