State Unemployment Insurance Deficit Only $13 Billion

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California's budget crisis has lasted so long and has run so deep that even the good news doesn't sound all that good anymore.

The latest not-so-good-sounding good news comes from the state's Employment Development Department: the deficit in the unemployment insurance fund is $13.4 billion. That's an awfully big number -- it's even more than the state general fund deficit -- but it's less scary than the most recent estimate, of $20 billion.

What accounts for the change? The state projects better employment numbers next year. The Sacramento Bee explains more here.

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