California May Be Broke by June, State Controller Connell Says

Los Angeles Times ^ | January 23, 2002

[John Jorsett]

Finance: The controller fears there will be no money to pay bills and foresees a need to borrow up to $8 billion next fiscal year. A Davis aide scoffs at warning.

SACRAMENTO -- SACRAMENTO -- Controller Kathleen Connell, who must track California's cash flow, warned Tuesday that the state will end the fiscal year with virtually no money to pay its bills, and may have to borrow as much as $8 billion next year.

[John Jorsett]

Re-elect Governor Davis, because he's not done improving California yet.

[Gophack]

Gray Davis is a disaster. Moderate my a$$.

I'm voting for Bill Simon because he's an expert on matters of money. He has created and saved thousands of jobs, and obviously knows what he's doing because his business is going well! He's the only Republican candidate who has a plan for getting California out of the financial disaster Gray Davis got us in to.

It also helps that Simon is conservative across the board, but right now California needs his financial acumen. And I really like how he said "I will not raise your taxes" and is endorsed by the Howard Jarvis Taxpayers Association.

[Maceman]

Gee. I guess they'll have to cut spending. (Not.)

[cynicom]

A state government broke??? No such thing..` They have power of taxation and those people of CA love all the freebies. If worse comes to worse, confiscate private property and wages, then everything will be free. What a deal.

[STD]

It's been morally bankrupt for a de-Generation

[KC_Conspirator]

Davis is one of the worst governors of a whole slew of them who have been spending like drunken sailors when times were good and now find themselves broke.

[The South Texan]

I guess California will blame this one on Texas too.

[YOMO]

I have an idea. Tax all undocumented workers, same sex unions, liberal news reports (by the word), and dirty utility companies (oops, they have filed for protection), and find new things to spend money on.

[NormsRevenge]

The fraudulently elected ( with the aid of illegal aliens by the busloads) LieBrals have destroyed the moral and financial fibre of Californicata.

The Repukicans have been ball-less wonders as it happened infornt of the few, the proud, the conservative voters of this old republic.

GraYouT Davis , a red in the finest Warren beatty tradition is hanging on for dear life, yet could still win re-election!

The lying radio and TV ads have already starting running out here, and it is bald faced lies you hear about what DavIs has done.

[Fudd]

Did anyone see the NBC news segment on how CA is trying to help lure the entertainment industry back</> to Hollywood? The reason many have left LA LA land- high taxes.

I did notice, however, that the report did not explicitly say that CA taxes were too high....

[Dog Gone]

If the Democrats want to talk about budget surpluses becoming budget deficits, they should celebrate Governor Davis as the prime example of someone who knows how to do it.

[Fudd]

Oops. bold off.

[NormsRevenge]

Re-Elect GraYouT DaVis...Things can't get much worse!

[RobbyS]

Simon's best idea is to set up a fund to even out the cash flow. In suplus years, money goes in; in deficit years, it comes out to pay the bill. Marvelous thing called cash reserve.

[Gophack]

I've heard the same thing ... the permits and fees are so high in L.A. and California in general that the entertainment industry is seeking other states ... and other countries. Canada and Australia have hit it big with "American-made" movies as shooting locations, and Japan is taking alot of the post-production work ... I think Ireland has moved into that scene as well.

I don't know alot about the entertainment industry, but these are tidbits I've picked up in my reading. Maybe someone else here knows more?

[Psycho_Bunny]

I honestly can't think of anything that would be better for the country, right now, than if California went into default.

Liberals are so incapable of envisioning the ultimate evil of socialism that only the actual collapse of a 'progressive' state would sway any of them to understanding.

Although, I can't imagine that more that 5% of them would have the political brains enough to understand that it was liberalism that led to the fiscal collapse.

Still, suffering is the best teacher.

[CounterCounterCulture]

FORD TO N.Y.: DROP DEAD

Maybe we'll see a repeat of NY's troubles in the 70s.

[dead]

California broke years ago.

[Ernest_at_the_Beach]

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