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California Sinking Deeper In Red Ink

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