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California Lawmakers Criticized for Hiding $2 Billion Error

4/18/2026

Summary

Story summary

California lawmakers faced criticism for concealing a $2 billion accounting error tied to the California Public Employees' Retirement System (CalPERS) in talks.
The error was identified by the Legislative Analyst’s Office (LAO) in February but not disclosed during budget talks.
Governor Gavin Newsom's administration says the issue was revision, not a calculation error.
Republicans accuse the administration of transparency failures that keep the public uninformed as the revised budget nears.

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Story summary

California lawmakers faced criticism for concealing a $2 billion accounting error tied to the California Public Employees' Retirement System (CalPERS) in talks.
The error was identified by the Legislative Analyst’s Office (LAO) in February but not disclosed during budget talks.
Governor Gavin Newsom's administration says the issue was revision, not a calculation error.
Republicans accuse the administration of transparency failures that keep the public uninformed as the revised budget nears.