California in the red by $127.2 billion, state auditors say




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Summary: A financial report issued by state auditors finds that the state of California is in the red by an unsustainable $127.2 billion. The report says that the state's negative status increased that year, largely because it spent $1.7 billion more than it received in revenues and wound up with an accumulated deficit of just under $23 billion in fiscal year 2011-2012, the Sacramento Bee stated.