Sacramento, CA — Unless immediate action is taken by the state legislature California will run out of cash in 70 days.
According to the Associated Press that´s the word from State Controller John Chiang.
This fiscal year alone the state is in the red to the tune of $14.8 billion and is facing a projected $41.8 billion shortfall in the next 18 months. Governor Schwarzengeer stated last week that California´s shortfall increases by $22,000 every minute of every day.
And what about legislative members; they´re on Christmas vacation.
In addition a number of unions are now filing lawsuits against Schwarzenegger because he ordered state agencies to reduce their payrolls by 10 percent.
Written by Bill Johnson