Bankruptcy for California is not an option. A missed payment on the state's massive bonds is not an option. And, with California's budget hurtling toward a $20 billion shortfall through the middle of next year, local officials are preparing themselves for another lean year.
California's controller, John Chiang, said $2.6 billion in cuts aimed at local government would go a long way toward maintaining the state's annual$35.2 billion in debt service payments.
"With such grim news, some have suggested that the state might default on the state's debt obligations," Chiang said in a statement. "A reality check is needed here."
full article here, also check out the comments to this article there are some strong anti-immigrant sentiments there.
[Posted by Kimberly Vasquez]
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