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Stories with person: Gray Davis
  • California pays off $14 billion in costly debt from 2004 
    Updated: Aug-05-15 7:17 pm

    SACRAMENTO, California - California closed an ugly chapter in its financial history on Wednesday by making its final payment on $14.2 billion in costly borrowing that plugged a budget deficit 11 years ago but eventually cost taxpayers about $5 billion in interest and fees.