Was California's Budget Too Optimistic? Will More Cuts Ensue?

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Governor Brown's budget for next year was balanced on assumptions that aren't coming true. Revenues for last month were so far below expectations that the state is already half way to triggering massive new cuts in spending. We hear from the Governor's office and from Controller John Chiang. Also, Controller Chiang issues a scathing audit accusing the LA Community College District of misspending $140 million. On our rebroadcast of today's To the Point, economics and high anxiety.