owe noes!
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story?track=rss
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story?track=rss
California faces the potential of a perfect storm created by the financial crisis' effect on liquidity, lower-than-anticipated revenues currently coming into the state, and our late budget. The governor is taking steps to prepare for this scenario to ensure that the state can make critical payments."
But those payments won't be forthcoming if the state can't do routine borrowing. For now, "the window is shut, and if it stays shut, we are in deep trouble," said an administration official, who asked not to be identified, citing the sensitive talks with Washington.