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California Is Really Broke

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The Los Angeles Times reports that more than 2,000 public-works projects, including "a carpool lane on the 405 Freeway between the 10 and 101 freeways and $373 million in repairs and overcrowding relief for Southern California schools," could be "halted or delayed" today because of the state's financial crisis. These projects, approved by voters in 2006, rely on bond funds that are just about gone. "Last month, the state failed to sell two-thirds of bonds worth $500 million, according to state Treasurer Bill Lockyer." [LA Times]