If the budgetless state were a corporation, 'the shareholders would throw out the board of directors and demand a change of management', said the state's top finance officer, Gray Davis, who yesterday sent out the first batch of vouchers. The Democrat- controlled legislature and the state's Republican Governor, Pete Wilson, are at odds over how to deal with an immediate dollars 6bn ( pounds 3.3bn) shortage in his dollars 56bn spending plan.
If a budget is not signed, the nation's largest state will eventually have to cut services and close schools, libraries and parks. 'Today, the state of California is out of cash . . . facing the worst fiscal crisis since the Great Depression,' Mr Wilson said.Reuse content