CA: Controller warns of cash flow woes

Sac Bee ^ | 12/30/02 | AP

[NormsRevenge]

SACRAMENTO(AP) - State Controller Kathleen Connell urged lawmakers on Monday to quickly act on $10.2 billion in proposed midyear cuts, warning that the state's cash flow could run dry otherwise.

Connell said the state may have to take out short-term loans - called revenue anticipation warrants - for the second consecutive year to help the state pay its bills.

[evolved_rage]

Can you say "retro-active income tax increase"???

[Willie Green]

What happens if Kalfornia defaults on its obligations?

[Centurion2000]

Should be pretty interesting when the unionized state employees find out that they wont get paid. After all, you know that the welfare state will take precedence ov er the working class folks.

Pass the popcorn and watch the implosion in progress :)

[Ernest_at_the_Beach]

Trainwreck, just keeps coming.

calgov2002:

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calgov2002: for new calgov2002 articles. 

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[NormsRevenge]

Apologies to Johnny Ca$h

I hear that train a'comin'
It's rollin' round the bend
I ain't seen a big trainwreck
Since I don;t know when
Cuz I'm stuck in debtor's prison
Since the ol' manure dike broke
No, It ain't a pretty sight
To see so many folks go broke

[Southack]

"What happens if Kalfornia defaults on its obligations?"

The monkeys over at Berkeley start calling for Third World California "debt relief", of course!

[Uncle George]

Is America beginning to understand why the GOP did NOT WANT Any part of this Governor MESS????? Dim wit Davis made it let him sleep in it.

[Diver Dave]

Makes me want to go stand in a long line and pay double my taxes --- NOT!

Maybe Davis will make a slush fund loan to the state from the millions he raked in through his fund raising.

Davis: Gee, Kathleen. I don't know how we got into this mess.

Kathleen: Well I've got a pretty good idea.

Davis: Perhaps I could loan the state some money, say, $5.00 return on every $3.00 I loan you?

Kathleen: Sounds good. Where do I sign?

Davis: Uhh, Kathleen, could you let the prison guards know that they're not going to get the raises I promised for all their donations?

[I_Love_My_Husband]

bump!

[marsh2]

One of the articles posted here mentioned that the Gov. was going to borrow against state pension funds. Since I had an option of selecting PERS pension funds at work, I asked the county auditor whether he could touch the, Apparently, the state can borrow against its, (but not a county's or employees') contributions to the state employees pensions. Interesting, eh? Wonder if all those state union ees know that....

[Saundra Duffy]

Bill Simon would have made a great governor, huh?

[cartoonistx]

You just named the luckiest man in the state, "old bullet-dodger Simon"!

[tubebender]

I can see Burton and Wesson letting this slide and Cal defaults on it's bonds. Then the courts set the taxes.

[coloradan]

I think the Republicans shouldn't run anybody for gov next go-round. "We thought about trying to clean up the mess here, but until there are protests in the streets calling for new government, we thought we'd just let you all stew in your juices. If you want us to run, you know what to do."

[coloradan]

Remember when Kali paid people in IOUs during a budget crunch back in the late 80s or early 90s? Some government people paid their Kali income taxes with the same IOUs they had been given as paychecks. The tax collectors were not amused. But hey! If they were good enough for paychecks, why aren't they good enough for income tax payments?

[Lancey Howard]

Reading these threads about California's government is like watching a hard-core heroin addict in a holding cell, writhing and screaming through cold turkey withdrawal. It is really, really painful to watch but you know that it must be done.

The heroin kingpins (Democrat politicians) are running out of supply, and the heroin dealers (government bureaucrats) know it, but the heroin addicts (the Democrats' parasite constituents) don't have a clue. Yet.

The difference here is that when the supply runs dry it will be the heroin dealers and their liberal press enablers who will do all the writhing and screaming.

Well, excuse me, but this will be fun to watch. And the Republicans (hopefully) understand that if they get weak knees and cave in on taxes, it will be the moral equivalent of throwing a bag and a needle to a junkie.

[cartoonistx]

What we conservatives in Calif. need to do next time is run a complete campaign slate under the slogan "All Or Nothin'"! Make it clear that unless the voters want to stew in their Demoncrat sewer, they MUST elect the entire Republican team. We should demand a united party and a clean sweep and tell the electorate that we won't accept less!

[Carry_Okie]

I can see Burton and Wesson letting this slide and Cal defaults on it's bonds. Then the courts set the taxes.

Correctamental!

Since when hasn't the Slave Party used the Courts to do its dirty work?

[bybybill]

Has anybody told Gov. Davis about this problem?