The state wallet is empty. The bank closed.  Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.

“California’s day of reckoning is here,” he said.  With no action, the state will run out of cash in 14 days.  Three months after the state budget was approved, California faces a $24 billion deficit.

http://www.bizjournals.com/pacific/stories/2009/06/01/daily23.html

photo credit: Ambidanze