California’s controller says he will begin a 30-day delay on tax refunds and other payments starting Feb. 1 because the state is running out of money.
Controller John Chiang said Friday he must delay $3.7 billion in payments next month because lawmakers have failed to address California’s growing deficit.
With a $41.6 billion shortfall over the next year-and-a-half, the state is on the brink of issuing IOUs.
Chiang says his office must continue education and debt payments but will defer money for tax refunds, student aid, social services and mental health programs.
A severe drop in revenue has left the state’s main bank account depleted. The state had been relying on borrowing from special funds and Wall Street investors; those options are no longer available.
Calif. tax refunds to be delayed starting Feb. 1 [Associated Press]
First,
Sounds like Citi’s payroll
Too bad, did not read.
Hasta la Vista.
Sounds like the terminator was running a Ponzi.
That’s as good as money, sir. Those are I.O.U.’s.
We need all of the Girly Men to grow some balls and help all californians. By the way, the snow is great.
MMe. Pelosi, some TARP please?
TARP me!
Do you hear a ticking sound?
“These are better than cash, they’re IOU’s”
-Lloyd
Hmmm, this explains the sales tax audit and the other regulatory letter I received recently for my company. They’re checking the couch cushions folks, so be prepared.
Ha, bet all those sheeple that ate up the CALRANs a few months back are shocked, I mean, who knew california was a big clusterf*ck, and they yield was just TOO GOOD TO PASS UP, right???
A severe drop in revenue has left the state’s main bank account depleted.
Did the state not save enough? Was it waiting every 1st and 15th for a new check? living check to check or on credit beyond its means?
tisk tisk on the 8th largest economy in the world
“I’ll be back”.
- Gray Davis
I think CA needs to hit up one of those Payday Loans Shops…Either that or they could pawn the Golden Gate Bridge
Too ham, didn’t burger.
We’ve been on the run
Driving in the sun
Looking out for #1
California here we come
Right back where we started from
Hustlers grab your guns
Your shadow weighs a ton
Driving down the 101
California here we come
Right back where we started from
California!
Here we come!
Too Arnold – didn’t make my day
Fear not, for The Messiah has come. In the sky I see the Star of Washington. I shall follow it and bring him gifts and he shall bestow blessings upon California and all the land.
Now, does anyone know if I can get myhrr or frankensence through security at the inauguration?
So if a State takes your money, holds it all year and then refuses to return it…
Isn’t that just robbery? Granted its state licensed robbery… but still.
We have Indiana going on the gold standard and Cali giving up on the FRN and now using their own IOU’s… Whats next Euros for Nevada?
@18. I know what you mean. McCain would have made everything much better.
My life is brilliant
Your life’s a joke
You’re just pathetic
You’re always broke
Your homemade Star Trek uniform
really ain’t impressin’ me
You’re sufferin’ from delusions of
Adequicy
You’re Pitiful (X3) It’s true
Never had a date
That ya couldn’t inflate
And ya smell repulsive too
What a bummer bein’ you
Well ya just can’t dance
And forget romance
Everybody you know still calls ya
Farty Pants
:
But you always have a job well I mean
As long as you still can work that slurpie machine
You’re Pitiful (X3) It’s true
You’re half undressed
Eatin’ chips of your chest
While you’re playin’ Halo 2
No one’s classier than you
Lalala la
Lalala la
Lalala la Loser
You’re Pitiful (X3) It’s true
Your dog would much rather
Play fetch by itself
You still live with your Mom and you’re 42
Guess you’ll never grow a clue
When it just sucks to be you
@20
But McCain was never declared to be The Chosen One or The Messiah. McCain was just a politician running to be President. The Messiah will make everything better, probably by the end of next week. It has been promised.
22 You’re forgetting that McCain had Sarah Snowpants to pick up the slack for him. And what a winner she is.
@22. Nice passive verb there.
Just because Oprah and a few crazies went gaga doesn’t invalidate the fact that he will make a better president than ‘that other one.’
18. On Tuesday are they having him swear an oath on the Bible or are they just anointing him with oil?
@25 – He hasn’t yet decided on how We the People shall perform His anointment.
Maybe we could just boil down some of the fat in the CA budget and use that…or some of Joe Biden’s hair gel.
Maybe from now on people should just start keeping a portion of the taxes they owe until the IRS audits them, then they can say it was a mistake. It worked for Geithner until he got caught.
If the person in charge of the Treasury department doesn’t pay all his taxes we shouldn’t have to either. Maybe he was too busy snowboarding to learn how to file a tax return.
Too Hotel California, didn’t leave
Here is an idea… pay farmers to retire Cows…
No wonder we are BK as a nation… paying to retire cows… WTF…
http://www.watertowndailytimes.com/article/20090115/NEWS02/301159967/0/FRONTPAGE
Judgement Day is inevitable
Calgreedy
@30, The Anointed One should love the idea…fewer greenhouse gas emissions, the less $ need for carbon offsets
Hey, CA is just PIKing, like every other junk issuer
Ponzinator was always a fraud from the very beginning. Steroid-grown muscles, empty speeches, no brains. Californians are screwed.
Hey, it’s all good. After Arnold gets the Constitution changed, he can be President, and do for all of America what he’s done for California.
I blame Enron.
the biggest ponzi schemes
social security
higher education
madoff
http://endofesq.com/?p=874
is it going to suck if obama actually makes the country a better place?
Does anyone have first-year numbers for California pension analysts?
#23..who wrote that rap…pretty funny.