Cali to runout of cash in March

dogtowner · Feb 1, 2012

I know, this is not really news

but only being weeks away is sort of late to be figuring this out

bets on which state defaults first ?

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.

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Cali to runout of cash in March

dogtowner Super Moderator

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Cali to runout of cash in March

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