I believe the claim pertains to next year's budget, not all of CA's substantial liabilites.
Well that's just peachy. Just like how Clinton left office with a "surplus", yet the National Debt kept growing exponentially.
It's like paying off one small credit card balance this year, while ignoring your other 17 outstanding cards that are maxed out.
And a balanced budget in California even for ONE year?
With Jerry Brown and a 100% liberal legislature?
Never going to happen. Not now, not ever.
My guess is the CA deficit will "unexpectedly" be astronomical in 2013. You can raise taxes all you want, but until the $ is actually in hand, you have jack squat.
Ask Californians if they believe this crap coming from Brown.