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State Debt Hits $2,559 Per Californian

Of the nation's 10 most populous states, only New York and Illinois owe more money per capita than California. Tell us what you think.

Maybe California's state motto should be changed from Eureka ("I have found it") to Caramba ("I have spent it").

According to a new report from the state treasurer, eliminating California's red ink would require every man, woman and child in the state to pony up $2,559.

Among the nation's 10 most populous states, only New York ($3,208) and Illinois ($2,564) owe more per capita.

In contrast, Texas' state debt totals $588 per resident and Michigan is $785.

In the 2012-13 fiscal year, California's debt service bill is projected at $8.6 billion, or nearly 9 percent of general fund revenues. If Prop. 30 fails, that percentage would climb higher, the report says.

Tell us what you think in the comments: What should California do to erase its red ink?

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