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Originally posted by Cloudsinthesky
Attempting to keep this thread alive..........Anyone in California want to comment on what people are saying there. Is it in the news? Local papers?
Originally posted by Cloudsinthesky
Attempting to keep this thread alive..........Anyone in California want to comment on what people are saying there. Is it in the news? Local papers?
Friday, January 30, 2009
Cash deferrals from state will start Sunday
State Controller calls for quick action.
By CHRIS DAINES
THE ORANGE COUNTY REGISTER
State Controller John Chiang warned Friday that he will begin withholding tax refunds and vendor payments on Sunday or else California will lose its ability to borrow money.
"Nobody will lend to the state of California today because we have a $42 billion deficit and we have no sound plan by the legislature or the governor," Chiang said at an economic luncheon in Dana Point.
Chiang said he has been forced to make painful decisions to help keep the state afloat while the legislature fights over the budget.
"On Sunday, February 1, I will have to start deferrals," he said. "It is too late for the governor and the legislature to take significant action to remedy the fact that I have to start the deferral process."...