“California’s July sales tax revenue crashed. Revenue from the tax was down 33.5% from the budget approved in late June, reports State Controller John Chaing.  According to Breitbart, even more ominously, the state’s $9.6 billion cash deficit that was rolled over from the June 30th fiscal year has catapulted to $18 billion last month.  The state has avoided default by temporarily borrowing from state trust funds, but those accounts will soon need their cash back to continue operating. Today California quickly began trying to sell $10 billion in municipal bonds to fund the record $28 billion they need to keep the lights on.”

http://www.economicpolicyjournal.com/2012/08/california-crashing.html

Did you like this?
Tip Freedomwat.ch Staff with Bitcoin

Donate via Installed Wallet Copy