ADAM BEAM
Associated Press
SACRAMENTO (AP) — From cruise ships to quarantines to school closures, California leaders have had plenty to worry about with the rapid spread of the coronavirus.
Add one more thing to the list: The state's $222 billion annual budget.
California is home to some of the largest and most successful companies in the world and the executives who run them. That makes the state particularly vulnerable to short-term swings in the stock market, which is why state officials watched with concern Monday as U.S. stock indexes had their worst day since the start of the Great Recession in 2008.
"We've been waiting for a recession. This may be what triggers it," said Assemblyman Phil Ting, chairman of the Assembly Budget Committee.
Nearly half of California's personal i
