Monday, June 8, 2009
This is what happens if you leave sorting out public finances too long
California Governor Schwarzenegger Slashes Spending
Arnie implements draconian cost cutting measures to avoid running out of money next month. California waited until they had no choice, and now chaos is upon them. Gordon Brown seems to be on a similar path. I bet California wished they'd done this last year when they could have dictated the terms.
Posted by andrew @ 11:18 PM (524 views)
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Little Professor says:
“Governor Arnold Schwarzenegger has ordered state agencies under his control to stop paying contracts signed since March 1st.”
Isn’t that a sovereign default?