And Now They Run GM and Chrysler

When faced with this.

(California) State Controller John Chiang made a similar point Friday in releasing his cash balance report for April. Through the first 10 months of the fiscal year, revenue is $2.1 billion below budget estimates.

"Beginning this summer, we face a cash problem unseen in nearly eight decades, and the magnitude of that problem grows with every projected revenue dollar that fails to appear," Chiang said in a statement. "The state's last shortage and the resulting payment delays in February hurt California taxpayers, businesses, local governments and public works projects - and yet the crisis looming could be at least three times as bad."

The Obama Administration responds with this.

Reporting from Sacramento -- The Obama administration is threatening to rescind billions of dollars in federal stimulus money if Gov. Arnold Schwarzenegger and state lawmakers do not restore wage cuts to unionized home healthcare workers approved in February as part of the budget.

Luckily, the days of borrow and spend are over.

Meet the new boss.