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.
Fuck'em, they always DO spend more than they anticipate and when they can't pay their bills they hand out IOU's. HAH!! Let's see us hand out an IOU when it comes to paying the taxes and watch them go ape shit. So, the fatheaded motherfuckers can eat shit and die for all I care. Let the mexican drug cartels float them a loan.
ReplyDeleteYou'll get sick of it and head to Texas one of these days...
ReplyDeleteTime to start sandbagging the home and hammering in range stakes. At least The Collapse will allow you to ... um ... er ... balance the books as it were.
ReplyDeleteHere's the root cause:
ReplyDelete"through payment delays and borrowing,"
Instead of
"Spending less"
Farghing Iceholes..........