[EGPWS]

If you are going broke, there are certain fixed expenses you have and your choice is either to generate revenue now, as in raising taxes, or borrow money, which will give you some breathing room to figure out and implement the best measures.

That sounds like a family considering applying for another credit card to alleviate their credit woe's.

Don't you think by now that it is time for California to seek a well known credit advisor to put them back on track so to bring them back to financial stability?

[FairOpinion]

California already had their credit rating downgraded, this can start or speed up a downward spiral. Being able to sell enough bonds would generate enough immediate revenue, so they would have time to "Do the right thing", otherwise it could be a downward death spiral.

Naturally the borrowing is only a very short term solution and major changes, i.e. serious spending cuts need to be implemented to recover.