http://www.sfgate.com/cgi-bin/articl...EDED1HA111.DTL according to this article. That would be nearly 14% of GDP. But he is also including "unfunded liabilities" of future payments for payouts on pensions and healthcare (doesn't say how far into the future) which distort the figure since it assumes no tax revenues in the future available to pay for them. This year's pension and healthcare costs are paid for with this year's taxes and future expenditures will be paid for with future taxes. The article says that General Obligation Borrowing is $77 billion which would be a more reasonable number to use. This would be the total of bonds issued. Adding that figure to the current year budget deficit ($14 billion) and was get $91 billion or roughly 5% of GDP.
Some more figures to add- state government spending in California is 4.2% of GDP. Greece's tax revenues are only slightly higher than California's ($100 billion) and expenditures are $142 billion according to Wiki. http://en.wikipedia.org/wiki/Economy_of_Greece or 46% of GDP. The US budget is closer to 20% of GDP.
General obligation borrowing is authorized by voters for school buildings, clean water, housing, stem cell research and other expenditures. According to the state treasurer, the total outstanding is $77 billion, the majority of which is for long-term infrastructure investments.
Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz1t58F5IhA