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Article: CONTROLLER CHIANG WORKS TO MITIGATE HARM OF STATE PAYMENT DELAYS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- February 3, 2009
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The California State Controller issued the following news release:
State Controller John Chiang today announced an agreement with several financial institutions to provide lines of credit to those Californians impacted by the State's historic cash crunch, which has forced the Controller's office to delay an estimated $3.3 billionin payments during the month of February.
"Without corrective action from the Governor and Legislature, this cash crisis will continue indefinitely. I applaud those in the financial services community who are stepping up to help Californians in a time of tremendous need," said Controller Chiang.
Eroding revenues and a chronic structural budget deficit have depleted ...