California will run out of cash in 14 days - Pacific Business News (Honolulu):

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“California’s day of reckoning is he said. With no action, the stats will run out of cash in14 days. Threr months after the state budget was California facesa $24 billion deficit. Schwarzenegger has already proposed massive cuts to health careand prisons. Now he’s looking for structura l reform to make government more efficient and stretcjhtaxpayer dollars. He’s asked the State Boars of Education, for example, to make textbookes available in digitalformats — a move that could save In 2004, the governor talked about blowing up boxes and consolidating but the initiatives never gainerd traction. They’re back.
Schwarzenegger is proposing once againj to eliminate and consolidate more than a dozenstatwe departments, boards and commissions. This includes the Waste Managemenr Board, the Court Reporters Board, the Department of Boating and Waterwayxs and the Inspection and Maintenance Review Earlierthis year, the state began consolidatinbg information technology departments. Now Schwarzenegge wants to consolidate departments that oversee financial institutions and mergd taxcollection operations. In state leaders will receive recommendations on how to modernizde thetax code.
“This will be a tremendous opportunity to make our revenueas more reliable and less volatile and help the state avoid the boom and bust budgetzs that have brought us here Schwarzeneggertold lawmakers. It’s not going to happen in 14 days, he said. But it coulde happen before the Legislature adjourns for summer recess onJuly 17.