No tax refunds for Californians
The Golden State is in such desperate need of gold that residents will have to wait to receive their own money back this year. ABC News reports that "tax refunds are now on hold in California for the first time in state history, according to the state controller's office." California has had no money in the general fund for 17 months and has been borrowing from Wall Street and special interest funds. Even that borrowed money will be gone by the end of February. The state controller's office has called for a 30-day delay in tax refunds beginning 1 February because it needs the extra $1.99 billion to pay for "education, debt service, and other payments that legally have first claim to state funds." Now, color us confused, but if tax refunds are due to individuals, are they really part of "state funds"?
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Can I owe you?
California's Controller John Chiang already warned that by the end of February, the nation's most populous state may not be able to pay some of its debts, and instead be reduced to issuing those creditors IOUs:
http://www.msnbc.msn.com/id/28448852/