California will be bankrupt in two months! Obama and Geithner have already said they will not bailout California so we are in trouble. Here are the details from California’s Controller:
The state will be in the red by $317.1 million that day, Chiang wrote them in a three-page letter.
“Two days later, on July 31, our cash deficit increases to a negative $1.02 billion,” he added.
He pleaded with them to pass a balanced budget by June 15 to make it easier for the state to borrow money to cover the cash crunch.
Click here to read the letter.