In a letter to Governor Brown and State party leaders, California State Controller John Chiang spelled out the cash flow problem.
“Defer and deny” is not a strategy for California’s prosperity. For too many years, intense partisanship and the absence of consensus-building leadership have created completely avoidable crises which have only served to amplify and prolong the pain of the recent global recession. It is not that California lacks the economic fire power or Constitutional flexibility to address its problems – rather, its problems are primarily rooted in political origin. Unless we make the tough decisions necessary to stabilize the State’s fiscal health, I fear that the next four years will be stained by chronic fiscal distress and regret over lost opportunities. Together, let’s find a way to compromise – to get to “yes.”