[Covert Hawk]

So, will California need to file for Chapter 7 bankruptcy protection soon?

California's lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state's vendors and local agencies, who instead will get "IOU" notes promising payment.

California risks running out of cash later this month to pay all of its bills unless its books are balanced quickly.

http://www.reuters.com/article/politics ... F220090701

[4everfsu]

No Obama will ride to the rescue and bail them out