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Posts Tagged ‘broke’

California goes broke, halts $3.5 billion in payments

Posted by truthpills on 2009/02/05

Stephen C. Webster
Published: Monday February 2, 2009

California, the eighth largest economy in the world, is broke.

“People are going to be hurt starting today,” said Hallye Jordan, speaking on behalf of the state Controller. “There’s no money.”

Since state legislators failed to meet an end of January deadline on an agreement to make up for California’s $40 billion budget gap, residents won’t be getting their state tax rebates, scholarships to Cal Grant college will go unpaid, vendors invoices will remain uncollected and county social services will cease.

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