California's credit rating cut to lowest of all 50 states | Money & Company | Los Angeles Times: "California today was branded the worst credit risk of all 50 states, after Standard & Poor’s cut its rating on the state’s debt because of the budget impasse.
S&P lowered its rating on the state’s $46 billion in general obligation bonds to 'A' from 'A-plus,' citing 'the state's inability to reach an agreement on a mid-year budget revision and its rapidly eroding cash position.'"
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"Rapidly eroding cash position" is one of those euphemisms we all need to keep in our hip pocket so we can pull it out when we are RUNNING OUT OF MONEY!
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