California Low On Cash

Sacramento, CA — The State Controller is warning lawmakers that California will run out of money next month unless action is taken.

State Controller John Chiang says the state is projected to have a liquidity shortfall after February 29th. Chiang is urging quick legislative action to avoid delays in paying tax refunds or issuing IOU’s. Chiang is asking lawmakers to pass SB 95, set to be taken up on Thursday, which would allow for external borrowing for a limited period.