State controller: California is running out of cash

[alp227]

California will run out of cash by early March if the Legislature does not take immediate action, Controller John Chiang told budget leaders at the Capitol in a letter Tuesday.

The controller recommends borrowing and delaying some payments in order to deal with the shortfall, which he projects will last seven weeks. Absent that kind of action, the state could face sending IOUs and delaying tax returns.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/31/BAHF1N0VMH.DTL

[dixiegrrrrl]

1. How often have we heard this?

has this not happened at least 3 times already since 2008???

[lester94111]

2. I remembered hearing budget short fall since early 90's

nothing new

[Ghost Dog]

6. No problem! The wonderfully technical & impartial credit ratings agencies don't see a problem,

apparently, so supposedly there isn't one.


http://www.treasurer.ca.gov/ratings/history.asp

Hmmm. Maybe they're concentrating on Europe too much...

[dixiegrrrrl]

7. What a marvelous find!

I just stared at those figures, the first thought in my mind was "schizoid"....
they have nothing to do with reality.

The 2nd thought is ....how long has the emperor been naked????


Do they not realize that people will not trust the system, any part of it, for at least a generation?

[Sgent]

8. That's the lowest of any state

and means CA pays a lot more in interest than everyone else.

A- is 2 grades above junk status.

[rocktivity]

3. Tax the people who have it, then.

Is it too late to get that that six bilion from Enron?


rocktivity

[kurt_cagle]

4. Not controller, comptroller

This error has always irritated me. A controller is someone who controls "something", a comptroller is the state auditor or accountant.

[musiclawyer]

5. Ummm no. Not an error

Look in a dictionary. And at the state's website. A state employee chief accountant / auditor need not be called comptroller and CA officially uses the other term.