Make the number big before taking office

California’s budget gap may widen to $28.1 billion over 18 months, according to Governor-elect Jerry Brown, who takes charge of the most-populous U.S. state next month. A cash shortage may force the use of IOUs by July, Controller John Chiang said.

Yep, and that number is probably reflecting the ongoing collapse in property taxes, the extra point in borrowing costs added by the Tea Party deficits, the ending of BABs, and the Republican state bankruptcy plan. 

We are getting to end game, but we still have laser print policy in California:

“I don’t want to say it, but this could mean IOUs and more tax-refund deferrals,” Chiang said. 

The Tea Part Deficit Machine that is going to drive borrowing costs through the roof and force the bankruptcy issue. It has become Default the Beast.