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Bankruptcy is a better solution than the two alternatives: (1) defaults, which are violations of debt obligations outside of the bankruptcy process, and (2) bailouts by the federal government. [7] Public choice theory suggest that politicians are often incentivized or biased towards immediate borrowing and spending. [ 10 ]
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
“Going into 2024, the governor and the Legislature are going to have a substantial challenge to close the budget gap,” said H.D. Palmer, spokesperson for the finance department.
“The problem is California is going broke,” he stated bluntly in a post on X. “California will begin raising taxes and cutting subsidies to the poor, to prisons, environmental problems, and ...
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...
Chapter 11 bankruptcy and liquidation financial company [58] April 10, 2009: New Frontier Bank: Chapter 11 bankruptcy and liquidation Bank [59] April 17, 2009: American Sterling Bank: Metcalf Bank: Bank [60] April 24, 2009: American Southern Bank: Georgia Department of Banking and Finance: Bank $ 216,600,000 [61] May 8, 2009: Stanford Bank ...
The state’s Department of Finance acknowledged an “increasing likelihood” that the state won’t bring in as much cash as it initially projected.
The 1992 California budget crisis began on July 1, 1992, when the California State Legislature and Governor Pete Wilson failed to pass a budget by the constitutional deadline, [1] and ended 63 days later. [2]