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California Meltdown

Sacramento, CA — California’s financial meltdown continues.

According to the Sacramento Bee Standard & Poor’s Rating Services have downgraded California a notch to an A-Minus and that’s due to the current $19.9 billion deficit.

California now has the lowest rating in the country and the lower the rating the higher the cost of borrowing money.

Governor Schwarzenegger continues to hold out for $6.9 billion from the federal government but Legislative Analyst Mac Taylor says if anything comes California’s way from Washington, D.C. it will probably be closer to $3 billion.

Depending on how much, if any, money comes from the Obama administration, Tuolumne CAO Craig Pedro commented at Tuesday’s supervisorial meeting that CAL Works, In Home Supportive Services (IHSS), Healthy Families and Adult Day Health Care could be in severe danger of massive cuts or even elimination.

Written by bill.johnson@mlode.com