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World’s eighth largest economy bankrupt: California goes broke, halts $3.5 billion in payments

http://rawstory.com/news/2008/California_goes_broke_halts_3.5_billion_0202.html
California, the eighth largest economy in the world, is broke. “People are going to be hurt starting today,” said Hallye Jordan, speaking on behalf of the state Controller. “There’s no money.” Since state legislators failed to meet an end of January deadline on an agreement to make up for California’s $40 billion budget gap, residents won’t be getting their state tax rebates, scholarships to Cal Grant college will go unpaid, vendors invoices will remain uncollected and county social services will cease. At least, temporarily. Services and payments will resume once state legislators come to an agreement on the budget. “This time, there are real-world consequences,” said H.D. Palmer, spokesman for the California Department of Finance, in a report by KCRA in Sacramento. “Because we have not been able to get to a budget agreement, payments aren’t going to be made.”
…Californians, pay your taxes with IOUs and run a recall election for the Governor on the state issued IOUs as well.

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February 3, 2009 - Posted by | California Recall?, Financial High Treason

1 Comment »

  1. Looks like Kansas just joined them.
    No tax refunds.

    State workers?

    Comment by nader paul kucinich gravel | February 16, 2009 | Reply


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