The state of California needs to come up with over $3 billion dollars by March to avoid financial troubles this year.

The State Controller John Chiang said today, that if California does not issue IOU’s again as it did back in 2009 there could serious troubles for the state.

He also told news sources that “This is not an ideal situation but the best way to manage the challenge without relying on IOU’s or delaying tax refunds”

There are meetings late this week to negotiate the situation and to work out some sort of resolution before it is too late.

At the moment they are spending more than there budget allows them and that could have drastic consequences both short term and longer term.

We have to remember that California is the biggest state in America and if this see massive trouble it will spread quickly to other states.

The economic collapse we have been talking about goes much deeper than just California itself. But we this is still the calm before the storm. Time to buckle up.

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