California budget ‘balanced’ with massive new debt

Last month, Gov. Gavin Newsom signed a 2020-21 state budget he described as “balanced, responsible and protects public safety and health, education, and services to Californians facing the greatest hardships.”
Whatever its other virtues may be, the budget is far from “balanced,” at least as most folks outside the Capitol would define it.
The 2020-21 budget spends far more — at least $20 billion more — than projected revenues, even including billions