From Zero Hedge:

If anyone is tired of the daily European soap opera with surrealistic tragicomic overtones, they can simply shift their gaze to the eighth-largest economy in the world: the insolvent state of California, whose controller just told legislators has just over a month worth of cash left.

From the Sacramento Bee: "California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. The announcement is surprising since lawmakers previously believed the state had enough cash to last through the fiscal year that ends in June."

... uh, oops? But sure, fix the problem of excess debt by more "borrowing." Why not?

As for the math: "But Chiang said...

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