California Fails, 1st time since Great Depression Options

[playr158]

California is now $42 billion in the hole and the end comes Jan. 31st....that is the last day the state will be issuing checks for tax refunds and most services

Instead you will get a piece of paper from a bankrupt state that says the state owes you money and will pay you sometime in the future.

http://www.worldnetdaily.com/?pageId=87175

"Federal law requires that many school and healthcare programs – a total of about $6.6 billion in California – must be paid, the Los Angeles Times reports, so Chiang has announced an expected payment freeze on $3.7 billion worth of the state's bills, most of it refunds owed to taxpayers.

But even with the freeze beginning next week, the Times reports, California will still fall $346 million short for the month of February, forcing Chiang to consider something only done once since the Great Depression: issuing IOUs. "


to the liberals!

This post has been edited by playr158: Jan 28, 2009 - 10:10 AM

[richee3]

Damn.... I had heard that this was probably going to happen, but I was hoping it wouldn't Sucks for everybody that lives in California. There are some people there that will be just fine, but then again there will also be people that really need that money...