California: "This State is Days Away From a Financial Collapse"

Senate President Pro Tem Darrell Steinberg (D.) tried out some econo-apocalyptic rhetoric of his own last night, saying "This state is days away from a financial collapse". That bond-friendly comment, ahem, came during the heated debate over how California can avoid defaulting on its obligations, laying off oodles more state employees, shutting down services, etc., in the face of a $41-billion (sic.) budgetary shortfall.