california bankrupt
California Bankrupt – still….
Chiang says his office must continue education and debt payments but will defer money for tax refunds, student aid, social services and mental health programs.
A severe drop in revenue has left the state’s main bank account depleted. The state had been relying on borrowing from special funds and Wall Street investors; those options are no longer available.
California bankruptcy problems continue –
When the town of Vallejo, California, declared bankruptcy this spring, Mayor Osby Davis predicted — and rightly so — that he’d get an earful from his constituents, employees and retirees. What he didn’t anticipate was the chorus of phone calls from mayors outside the city, both close by and clear across the country. They told him they were watching Vallejo’s bankruptcy proceedings closely, and some of them, he says, indicated that “they find themselves not too far behind us.”
