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Posted on 02/01/2012 10:19:26 AM PST by SeekAndFind
It's good news in the sense that a state going broke is one way to stop the spending. A better way, of course, is to cut the budget.
Alas, Governor Moonbeam doesn't appear to have it in him:
California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today.
The announcement is surprising since lawmakers previously believed the state had enough cash to last through the fiscal year that ends in June.
But Chiang said additional cash management solutions are needed because state tax revenues are $2.6 billion less than what Gov. Jerry Brown and state lawmakers assumed in their optimistic budget last year. Meanwhile, Chiang said, the state is spending $2.6 billion more than state leaders planned on.
The Assembly budget committee approved a bill today that would enable $865 million of borrowing from existing state accounts, Senate Bill 95. Chiang, after consultation with the Department of Finance and state Treasurer Bill Lockyer, is also seeking about $2.4 billion in delayed payments to universities, counties and Medi-Cal, as well as additional borrowing from outside investors.
Absent these actions, the state would fall below its prudent $2.5 billion cash cushion on Feb. 29, Chiang estimated. On March 8, the state would actually end up $730 million in the red. The state would be below the safe cash cushion for several weeks ending April 13, save for several days at the end of March.
With such actions, Chiang believes the state would not have to use IOUs or delay tax refunds, maneuvers that have been relied upon in previous years.
(Excerpt) Read more at americanthinker.com ...
Whaaaat? I thought the State was getting all sorts of tax revenues from green jobs firms like Solyndra?! Dayum, Gov. Jerry better act fast to spend a bajillion dollars on high speed rail or get crackin’ on taxing those eeeeeeevil rich bastards! Maybe, just maybe, the private sector, Hollywood, will hold a save California telethon? Yeah, maybe a telethon to SAVE CALIFORNIA!
Who cares? Let CA get what they voted for! Most of the states inhabitants are obviously beyond stupid so let them deal with it.
Must be why I am seeing the CHP doing things that are a bit shady and look to be speed traps to me.
They are successfully running business out of the state so now they are working on an forced Exodus of private citizens as well.
I see lots of people with green jobs every morning. They dive into dumpsters and collect recyclable bottles. Governor Moonbeam and the Democrats have not yet found a way to tax them yet.
Stop’em at the border, stand’em on their heads and shake them nickles out.
Nobody leaves til the treasury is full again.
Don’t give them a bailout. Just let them continue their slide into Turd World status.
Maybe Gov. Moonbeam ought ask his buddy Obowow for some of that 1.1 billion he gives to his muslim chums in Egypt!
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That, and CA GOP can't find its a55 with both hands.
I’m sure Emperor 0bama finds this situation “interesting”, maybe Governor Moonbeam could send his resume’ to the White House?
Oh wait, no need, those double-digit IQ-idiots in California will vote him back in next time around.
“Never mind”
Recyclables or deposit return bottles.
Big difference. You would have to collect a lot of bottles to make money on them selling them for recycle. But the deposit return laws make collecting bottles profitable.
Those stupid deposit laws cost a lot of money.
Every year since 2008 I read Cali is out of money and can’t pay it’s bills but every year the bills, sometimes a little late but they get paid, so I wonder about the reliability of these yearly Cali is going belly up articles.
LOL!
In the second term of Baraq, I definitely see the state bonds of Cali, Ill, and NY becoming guaranteed by the fedgov (aka US taxpayers).
We think they’re stupid, but like a corporate debtor that flushes its debts via bankruptcy and screws the bondholders, these liberal states may be the “winners” in the end.
What I’d like to have right now is a prez that would be like Chainsaw Al having the testicular fortitude to cut and slash every last bit of non-essential spending, government regulations, and departments of Fedzilla.
We need to get back to a philosophy of “You don’t work, you don’t eat.” And for those who unable to work it is up to the citizens, religious, and civic organizations to help them out.
You mentioned one of the most corrosive effects of welfare government (that is never mentioned by the MSM). It crowds out the religious and fraternal organizations that should be assisting the down and out.
Yep, the State becomes a god.
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