CNBC is reporting that New York State is “nearly” broke and has delayed payments on $2.5 billion in bills.
“Had we not done that, I think we would have been close to broke,” [State Budget Director Robert] Megna told reporters in Albany. This is the third time since December the cash-poor state has withheld funds.
Excuse me, but if you’re blowing off your bills because you don’t have the money to pay them, you are already broke.
One way the states are trying to manage their cash flow issues is to slow down tax refund checks to their citizens.
“How did you go bankrupt?”
“Two ways, gradually and then suddenly.”
Ernest Hemingway, “The Sun Also Rises”