Institute for Truth in Accounting - California Controller: State to run out of cash in March without action

News

Federal

State

Join Our Newsletter
Help us bring the truth about the nation’s debt to life. Sign up today for updates and more information.

California Controller: State to run out of cash in March without action
California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today.

(Sacramento Bee Capitol Alert) Chiang said additional cash management solutions are needed because state tax revenues are $2.6 billion less than what Gov. Jerry Brown and state lawmakers assumed in their optimistic budget last year. Meanwhile, Chiang said, the state is spending $2.6 billion more than state leaders planned on.