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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-25-09 10:10 PM
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California is almost out of ways to pay bills, fund programs, controller says
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California is almost out of ways to pay bills, fund programs, controller says
By Steve Wiegand
swiegand@sacbee.com
Published: Sunday, Jan. 25, 2009


This is what life was like the last time California government had at least as much money in its coffers as it was spending on a daily basis:

The leading presidential campaign contribution collector in the Sacramento metro area was GOP contender Mitt Romney.

Baseball slugger Barry Bonds was 26 days from setting the all-time home run record.

"Harry Potter and the Order of the Phoenix" had just set a one-day box office record for a film opening in midweek.

The Dow Jones industrial average was at 13,861.

It was July 12, 2007, and since then California has been living on borrowed money.

As in $21.5 billion worth of borrowed money, according to state Controller John Chiang: $16.5 billion borrowed from some of the state's 1,000-plus special funds, plus $5 billion in "revenue anticipation notes," which are basically money borrowed from private investors.

But, Chiang, whose office writes the state's checks, says California is about out of stopgap tricks to pay its bills and keep all its programs running.

more...

http://www.sacbee.com/topstories/story/1571316.html
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