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SACRAMENTO, Calif. — Deeply in debt, California officials took the extraordinary step Wed nes day of halting funds for thousands of public works projects statewide, including roads, levees, schools and prisons. State Treasurer Bill Lockyer, who voted his approval, called the action necessary to preserve cash as the state general fund tumbles toward insolvency.
Lawmakers are struggling to close a ballooning $40 billion budget deficit projected between now and June 30, 2010.
