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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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  -California is almost out of ways to pay bills, fund programs, controller says babylonsister  Jan-25-09 10:10 PM   #0 
  - As is just about every other state.  Warren Stupidity   Jan-25-09 10:14 PM   #1 
  - Did you watch 60 Minutes tonight?  babylonsister   Jan-25-09 10:16 PM   #2 
  - unemployment insurance has always been backed by the feds  dsc   Jan-25-09 10:19 PM   #4 
     - that's unemployment insurance  Warren Stupidity   Jan-25-09 10:28 PM   #5 
  - You can add Ohio to that list  4 t 4   Jan-25-09 10:17 PM   #3 
     - It hurts me to say this, as I was Ohio-born and raised and  liberalhistorian   Jan-25-09 10:51 PM   #7 
  - We are still the sixth largest economy in the world. An enormous amount  Cleita   Jan-25-09 10:35 PM   #6 
  - Its that supermajority thing again  HardcoreProgressive   Jan-26-09 12:43 AM   #10 
  - Tax churches  moobu2   Jan-25-09 10:59 PM   #8 
  - I live in TX, tons of churches here, but not in such bad shape. I don't  babylonsister   Jan-25-09 11:02 PM   #9 
  - Just taxing the churches 1/2 the federal and state tax would generate a lot of revenue.  Dont_Bogart_the_Pretzel   Jan-26-09 03:22 AM   #11 
  - You mean Arnold didn't fix everything like he promised to do?  Hubert Flottz   Jan-26-09 05:48 AM   #12 
  - The drastic measures he wanted to take to balance the budget was denied by the state senate.  SurferBoy   Jan-26-09 06:00 AM   #14 
     - One of his first acts was to Quash the ENRON suit...  Hubert Flottz   Jan-26-09 06:01 AM   #15 
  - That $350 billion in TARP that is still remaining, should mostly just be given to the states.  SurferBoy   Jan-26-09 05:59 AM   #13 
 

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