Yes indeed California racked up a lot of debt from 2003 to 2012. However, with the decreasing shortfalls and expected balanced budgets that debt is no longer i

Yes indeed California racked up a lot of debt from 2003 to 2012. However, with the decreasing shortfalls and expected balanced budgets that debt is no longer increasing and with the projected surpluses it can be paid down. The debt is a legacy of the past. Great strides have been made in the past few years to get the state's fiscal situation in order.