State Controller John Chiang just addressed today’s special joint convention of the Legislature on California’s budget crisis, describing the problem’s parameters and leaving no doubt about what’s at stake:
“Failing to enact a responsible, long-term solution to this financial crisis could mean liquidated damages, federal penalties, and exposing our state to expensive litigation when it can least afford it.
“You would see a chain reaction far worse than new taxes or program cuts. It would endanger local governments, schools, small businesses, nursing homes and hospitals. We would pass our financial problems on to millions of Californians by deepening and prolonging the current recession.”
Read Chiang’s full statement as prepared by clicking here.