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Tobacco Sales In California: Fewer Smokers Is Bad For State Budget

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Fewer smokers is bad news for California's budget. A major bond rating agency sounded an alarm this month, saying the state may have borrowed more than $4 billion against settlement money that might never materialize...Rather than waiting for annual payments, the state and some local governments decided to borrow money against their anticipated future revenue. All told, they've issued $16 billion in bonds since 2001.

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Why am I laughing? by sebra leaves on Monday, Feb 20, 2012 at 9:43:24 PM