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  • Gov. Jerry Brown discusses his tax-hike initiative before submitting the petitions for the initiative to the Sacramento County Registrar of Voters in Sacramento, Calif., Thursday, May 10, 2012. (AP Photo/Rich Pedroncelli)

    California facing higher $16 billion shortfall

    California's budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.

  • Calif. lawmakers cheer Facebook IPO, see windfall

    Gov. Jerry Brown's administration and state lawmakers on Wednesday hailed Facebook's much-anticipated plans for a public stock offering as a potential windfall for California's cash-strapped treasury, while some already say the extra revenue should go to preventing cutbacks to public schools.

  • ** FILE ** This Dec. 13, 2011 file photo shows a sign at Facebook headquarters in Menlo Park, Calif. Facebook, the social network that changed "friend" from a noun to a verb, filed Wednesday, Feb. 1, 2012, to sell stock on the open market. Its debut is likely to be the most talked-about initial public offering since Google in 2004. (AP Photo/Paul Sakuma, file)

    Calif. treasury eyes windfall in Facebook IPO

    California Gov. Jerry Brown's administration and state lawmakers are hailing Facebook's much-anticipated plans for a public stock offering as a potential windfall for California's cash-strapped treasury, while some already say the extra revenue should go to preventing cutbacks to public schools.

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