The Desert Dawg Blawg

All things California desert: Travel, politics, environment, adventure, offbeat experiences, local hotspots, insider's tips, people and commentary about life in Palm Springs, the Coachella Valley and the California desert region.

Click on the Article Header to read the whole story!
Showing posts with label California. Show all posts
Showing posts with label California. Show all posts

California Grabbing Money To Pay Its Bills

Posted by Morgan Miles Craft On 10:08 AM 0 comments
by Morgan Craft



California’s cash crisis is being mitigated by borrowing $19.7 billion from state emergency funds, those for fighting fires, oil spills, and disaster recovery, according to State Controller John Chiang, the state’s top accountant. The state’s November cash deficit was $23 billion, up from $11.9 billion in July, forcing the funds grab.

For too long, Chiang said, the Governor and Assembly have been playing politics merely to create short-term solutions in passing a budget that doesn’t look at the future.

Let’s hope we don’t experience a natural disaster. But facing another potential financial tsunami remains a distinct possibility. “The state is at the bottom, facing incredible difficulties,” he said. Chiang, who oversees the handling of over $100 billion in funds, was in the valley recently to discuss the state’s budget situation with local civic leaders, and I attended the meeting. (Click to read on...)