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Title: California to crash by March
Source:
Sacremento Bee
URL Source: http://blogs.sacbee.com/capitolaler ... hout-action.html#disqus_thread
Published: Jan 31, 2012
Author: Sacremento Bee
Post Date: 2012-01-31 18:04:53 by Happy Quanzaa
Keywords: Kalifornia, Obamanomics in action
Views: 4779
Comments: 17
California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. The announcement is surprising since lawmakers previously believed the state had enough cash to last through the fiscal year that ends in June. But Chiang said additional cash management solutions are needed because state tax revenues are $2.6 billion less than what Gov. Jerry Brown and state lawmakers assumed in their optimistic budget last year. Meanwhile, Chiang said, the state is spending $2.6 billion more than state leaders planned on. The Assembly budget committee approved a bill today that would enable $865 million of borrowing from existing state accounts, Senate Bill 95. Chiang, after consultation with the Department of Finance and state Treasurer Bill Lockyer, is also seeking about $2.4 billion in delayed payments to universities, counties and Medi-Cal, as well as additional borrowing from outside investors. Absent these actions, the state would fall below its prudent $2.5 billion cash cushion on Feb. 29, Chiang estimated. On March 8, the state would actually end up $730 million in the red. The state would be below the safe cash cushion for several weeks ending April 13, save for several days at the end of March. With such actions, Chiang believes the state would not have to use IOUs or delay tax refunds, maneuvers that have been relied upon in previous years. But Chiang also said that "more cash solutions may be required if our revenues continue to erode or if disbursements significantly exceed estimates." California borrows money early each fiscal year because the state has regular monthly expenses but receives the bulk of its tax revenues in the spring. The state borrowed $5.4 billion last fall for this purpose. Assemblyman Bob Blumenfield, D-Woodland Hills, downplayed the significance of the new borrowing in a hearing. He said $5.4 billion was small relative to the $10 billion state leaders were prepared to borrow last year. Some Republicans raised questions about when the borrowing from state accounts from would be paid back and why the state is spending more than expected. Michael Cohen, chief deputy director of Brown's Department of Finance, said the state would pay back special funds whenever programs need the money to operate. Cohen also said the state is spending more money than expected because courts have blocked some cuts, while some savings may come later in the fiscal year than forecasters predicted.
Controller: State to run out of cash in March without action
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#1. To: Happy Quanzaa (#0)
This is the reason for the military exercises in L.A. last week. Once the handouts end, the shit will hit the fan.
I know how California could bring some of those costs down: 1. Quit requiring licenses and tests that most purchasers already know all the answers to for handguns in California. 2. Fully honor the FFCL (Federal Firearms Collector's License) rather than adding your own collector's license on top of it that requires fingerprinting and other beurocratic expenses for handguns. 3. Dump at least 90 percent of your envoronut regulations. (This would put California at just about the Federal level for such regulation which is plenty bad enough for Leftist job killing and freedom killing). 4. Bring public education back to the basic Academic subjects (Reading Handwriting, Arithmetic, Spelling, History, Geography, CONSTITUTIONAL Civics and Basic Science) and get rid of the psychological peer group relating, "Values Clarification", scorpion sting in a bottle ADHD "medication", "Behaviorist" Operant conditioning, Socialist and Humanist brainwashing and other "Progressive" education gimmics. 5. Put an end to all "Sanctuarty State" and "Sanctuary Cities" policies regardin illegal immigration. California and even the Feds can bring these deficit costs down if they want to. They just don't want to surrender the UNCONSTITUTIONAL POWER neccessary to even do the steps I mentioned here.
If every Californian would just write home and ask for 100 pesos to be sent to them,they can avoid this crisis.
"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011 Stay Hungry...Stay Foolish --Steve Jobs Steve Jobs,life-long Dim,and major Barry Soetoro supporter.
At least many Californians HAVE friends in another country that will throw dough in their direction. And Eric can ask his Russian inlaws to send him some too. Maybe he might even get that doctorate completed.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
FFCL is not as bad as some, but still illegal under the US constitution and the second amendment. Better to just ignore unconstitutional legislation.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
LOL ! Regards, Stoner
They didn't seem to worry about that when Ahnold was doing the borrowing. I wonder if anyone has notified the out of staters that seemed to have come by the thousands to winter here this year, of the impending crisis. And those freeways are sure staying crowded at rush hour.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
If liberal California had an oil severance tax the size of Sarah Palin's conservative Alaska, the $3.3 billion would be covered with money left over. California is the only oil producing state that does not have an oil severance tax.
Post-Conflict Regime Type: Probability of Being a Democracy Five Years After the Conflict Has Ended; Violent Campaigns - 4%, Nonviolent Campaigns - 46%. Erica Chenoweth, Ph.D., Stanford University,
California is the only oil producing state that does not have an oil severance tax. The California Chamber of Commerce opposes it, so it will never happen.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
Don' worry,be happy. Barry is going to buy you all a new state to live in.
"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011 Stay Hungry...Stay Foolish --Steve Jobs Steve Jobs,life-long Dim,and major Barry Soetoro supporter.
That's why "they" say California is hostile to business, I guess.
Post-Conflict Regime Type: Probability of Being a Democracy Five Years After the Conflict Has Ended; Violent Campaigns - 4%, Nonviolent Campaigns - 46%. Erica Chenoweth, Ph.D., Stanford University,
Barry is going to buy you all a new state to live in. We already have more state than the other 49 combined even after we give more of our treasury to you grubbing red staters than we receive back.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
And those red staters say they don't like welfare handouts. Oh, the irony.
What? WHAT? How can this be when your leftie pals from NYC make the same claim? And you lefties in Ca contribute NOTHING of worth to America. All you do is tear it down. You took a truly beautiful and productive state and are in the process of turning it into just another 3rd world shithole.
"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011 Stay Hungry...Stay Foolish --Steve Jobs Steve Jobs,life-long Dim,and major Barry Soetoro supporter.
Oh, the irony. And ANOTHER country heard from. "The irony",indeed. Or maybe you think Japan one of acting president Huggy Bear's "58 states"?
"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011 Stay Hungry...Stay Foolish --Steve Jobs Steve Jobs,life-long Dim,and major Barry Soetoro supporter.
"The irony",indeed. Or maybe you think Japan one of acting president Huggy Bear's "58 states"? Ping me when you sober up, Arch.
What's the difference?.... since you red staters are the true titty suckers, by living off the hard work of other states. This state is being turn into whatever you want to call it by corporate greed, since the COC and the energy companies rule the state.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
#2. To: Happy Quanzaa (#0)
The FARO RESERVE BANK!!! 
#3. To: Happy Quanzaa (#0)
#4. To: sneakypete, Cairalist Eric (#3)
(Edited)
If every Californian would just write home and ask for 100 pesos to be sent to them,they can avoid this crisis.
#5. To: Coral Snake, *Ron Paul for President* (#2)
2. Fully honor the FFCL (Federal Firearms Collector's License)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#6. To: sneakypete (#3)
" If every Californian would just write home and ask for 100 pesos to be sent to them,they can avoid this crisis. "
#7. To: Happy Quanzaa (#0)
(Edited)
Some Republicans raised questions about when the borrowing from state accounts from would be paid back and why the state is spending more than expected.
#8. To: Happy Quanzaa (#0)
California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing...
#9. To: lucysmom (#8)
If liberal California had an oil severance tax the size of Sarah Palin's conservative Alaska, the $3.3 billion would be covered with money left over.
#10. To: mininggold (#7)
I wonder if anyone has notified the out of staters that seemed to have come by the thousands to winter here this year, of the impending crisis. And those freeways are sure staying crowded at rush hour.
#11. To: mininggold (#9)
The California Chamber of Commerce opposes it, so it will never happen.
#12. To: sneakypete (#10)
Don' worry,be happy.
#13. To: mininggold, sneakypete (#12)
We already have more state than the other 49 combined even after we give more of our treasury to you grubbing red staters than we receive back.
#14. To: mininggold (#12)
We already have more state than the other 49 combined even after we give more of our treasury to you grubbing red staters than we receive back.
#15. To: meguro (#13)
And those red staters say they don't like welfare handouts.
#16. To: sneakypete (#15)
(Edited)
And ANOTHER country heard from.
#17. To: sneakypete (#14)
And you lefties in Ca contribute NOTHING of worth to America. All you do is tear it down. You took a truly beautiful and productive state and are in the process of turning it into just another 3rd world shithole.
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