Texas Governor Rick Perry visits California to attract companies away from the Golden State with promises of low taxes and fewer regulations.

California governor Jerry Brown has pulled an impressive disappearing act. After years of being severely in the red, Brown says the state's huge budget deficit is now gone.

With California scheduled to vote on a budget this week, the question is: How did the state’s finances get so bad, so quickly? Do other states have to fear the same thing?

Like other states across the U.S., California's grappling with a giant budget hole. Gov. Jerry Brown talks about the role of government and the tension between taxing the rich and cutting programs for the poor.