[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.

[EGPWS]

i.e. serious spending cuts need to be implemented to recover.

Anything else, in the minds of sensible people, will only exasperate the problem.

Don't you agree?

[The Other Harry]

Being able to sell enough bonds would generate enough immediate revenue...

Pssst...

Selling bonds does not generate revenue.