The Sacramento Bee reports on a new study by the California Public Policy Center that shows California's state and local governments are at least $648 billion in debt and the total could surpass $1.1 trillion.

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Reuters reports the board of California's $255 billion public pension fund on Wednesday approved accounting changes requiring state agencies, cities and counties to pay rate increases of up to 50 percent in a plan to fully fund the pension system's obligations in 30 years.

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Bloomberg News reports California taxpayers may see the municipal pension contributions they fund for the California Public Employees’ Retirement System rise as much as 50 percent under a plan to fill $87 billion in unfunded obligations.

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California Budget Fact Check points out that despite the promises made last year that Proposition 30 would help California public schools avoid painful cuts, very little of the money is going towards students and education, while the majority is being used to cover pension short falls and faculty raises.

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Steven Greenhut writing for WatchDog.org explains the ramifications of the potential outcome of the upcoming ruling regarding the City of Stockton's bankruptcy and whether other cities will pursue a similar course to get out of their debt obligations at the expense of the bondholders, instead of reforming their massive pensions.

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