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SAN FRANCISCO (Reuters) - California's government risks a financial "meltdown" within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday.
Underscoring the severity of California's cash crisis, Controller John Chiang, who has previously warned the state's government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.
Additionally, the revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger's budget plan by $827 million, Chiang said.
He warned California's state government is speeding toward a financial disaster unless officials act urgently to balance its books.
"Without immediate solutions from the governor and legislature, we are less than 50 days away from a meltdown of state government," Chiang said in a statement.
Originally posted by CAPT PROTON
The Federal government needs to probe every level of California's state government for graft, embezzlement and corruption.
With all the money that state has, how do they keep going broke?
They need arrests and publicized perp walks on TV. Plus they need to deny medical and social services to illegals, period. Sorry, but they're broke, need to get real someday. Happy,happy fun time is over, now pay the bill.