California is bankrupt....

California is almost out of ways to pay bills, fund programs, controller says
The state controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate. That leaves what in state government circles are called "payment deferrals" and what in real life is called "stiffing your creditors."