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Good news? "On the same day that Californians learned their state was headed for $25 billion in debt in the next fiscal year, state Controller John Chiang had a bit of good news – income last month was higher than expected.
Receipts for the month were $232.3 million, or 4.6 percent, above the recently enacted state budget estimates.
“The record 100 day budget stalemate pushed us past the point of having enough cash on hand to pay more than $8 billion in outstanding bills that came due when the budget was signed,” says Mr. Chiang.”
“Thankfully, the state received the proceeds from an interim cash flow borrowing that allowed us to start paying the $5.5 billion in payments delayed by the budget for tax refunds, community colleges and school districts,” he says."
What does the phrase, "interim cash flow" mean? We borrowed the money--put ourselves deeper in debt. Now we have more principal and interest to pay. Arnold just called a special session of the legislature to take care of the $6.1 billion deficit--yet the Legislative Analysts Office says the deficit is $25.4. Arnold claims the deficit of the last years was $19.1 billion--but it was over $45 billion.
Arnold lives in Never-Never land. He can't even read a report or a press release. The good news is that he will be gone in about 60 days. We can not afford his amateurish actions.
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Receipts for the month were $232.3 million, or 4.6 percent, above the recently enacted state budget estimates.
“The record 100 day budget stalemate pushed us past the point of having enough cash on hand to pay more than $8 billion in outstanding bills that came due when the budget was signed,” says Mr. Chiang.”
“Thankfully, the state received the proceeds from an interim cash flow borrowing that allowed us to start paying the $5.5 billion in payments delayed by the budget for tax refunds, community colleges and school districts,” he says."
What does the phrase, "interim cash flow" mean? We borrowed the money--put ourselves deeper in debt. Now we have more principal and interest to pay. Arnold just called a special session of the legislature to take care of the $6.1 billion deficit--yet the Legislative Analysts Office says the deficit is $25.4. Arnold claims the deficit of the last years was $19.1 billion--but it was over $45 billion.
Arnold lives in Never-Never land. He can't even read a report or a press release. The good news is that he will be gone in about 60 days. We can not afford his amateurish actions.
More...