…would you accept it?
LOS ANGELES/NEW YORK (Reuters) – California’s controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can’t quickly solve a $24 billion budget deficit, and the state’s treasurer plans to tap a reserve fund to meet debt service costs.
The measures came as a budget crisis deepened in the most populous U.S. state and the gridlocked legislature failed to pass a proposed $11 billion in cuts.
“Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression,” Controller John Chiang said in a statement announcing that he would be forced to use IOUs to pay the state’s bills beginning on July 2.
Me, personally, I wouldn’t accept them – I’d head straight to court and demand payment in kind, if I could not receive payment in cash. Gold, silver, land, oil leases, other mineral rights…something other than a bankrupt liberal government’s promise to pay at some later date. I’m not exactly impressed with the word of the State of California – especially when they can’t cut $11 billion to make up a $24 billion shortfall…they’re so stupid they can’t even get within 40% of a balanced budget.
This is what comes from tax and spend liberalism – and it is what is coming to our national government if Obama and his Democrats aren’t stopped.
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