California Democrats were aware of a roughly $2 billion budget accounting error for months, even though Gov. Gavin Newsom’s January spending plan already projected a roughly $3 billion deficit for the coming fiscal year, according to a report.The mistake, tied to the state’s public employee retirement system, CalPERS, could shrink that projected deficit. But state analysts warn California still faces far larger long-term budget problems, with annual deficits projected at $20 billion to $35 billion.State legislative leaders learned about the problem as early as February, after it was flagged by...
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