Thanks for this economy Bush! Thanks conservatives! If wrecking the economy with stupidity and greed was an Olympic sport, you guys would be the Nikolai Andrianov, Larissa Latynina, and Micheal Phelps of it.
The controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate. That leaves what in state government circles are called “payment deferrals” and what in real life is called “stiffing your creditors.” – via eschaton
Side Note: In my off line life, California is my biggest customer.