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Watching the news out of Sacramento is like watching a train barreling down the tracks at you. Here's the latest scary news out of the controller's office: Dear Governor and Members: ... Based on the May Revision revenue and expenditure estimates provided to us late last week by the Department of Finance and taking into account the actual cash receipts and expenditures my office tracks, it is clear the health of the State's treasury has significantly deteriorated since the adoption of the 2009-10 Budget Act a mere three months ago.  Our latest projections show that beginning on July 29, California will not have the cash needed to meet all of its payment obligations.  On that date, the State will be in the red by $317.1 million; two days later, on July 31, our cash deficit increases to a negative $1.02 billion.  As the attached chart demonstrates, the State's cash problems will only grow in severity in the subsequent months without Legislative action. ...
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