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In Reply to: RE: Happy Furlough day from Cali! posted by sanman on July 02, 2009 at 08:21:53
Not a good situation and it is IMHO only going to get much worse. Read today they are issuing IOUs. I wonder if you can pay your taxes or estimated taxes with one of the IOUs.
I can see the courts getting loaded up as a result of this action.
When the District of Columbia got bad about paying their vendors, many of them (including the computer company I worked for) refused to provide services. We requiered payment in advance. They did not take us up on it.
Dave
I can see California government closing shop if something radical does not occur. If I were a vendor with the State as a client, I'd also want the cash in advance. California though has another problem in that it has a large debt service payment this month and on the cusp of not being able to make the payment and fund the cash payment it has no choice but to make. If it defaults on the debt payment, that would be it for the State. If it happens it would cause a domino effect with other marginal States.
We do live in interesting times! It has been an amazing string of errors that has brought us to this place. I hope we can get through it!
Dave
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