California still has a large quantity of debt. They'll need to run surpluses for quite a while before most of the debt runs off the books.
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California still has a large quantity of debt. They'll need to run surpluses for quite a while before most of the debt runs off the books.
As far as I can tell, they've been running a surplus since 2013, and have cleared what Governor Brown called the "wall of debt" - the short-term debt of $35bn that was due within a few years.