The word on the street is that California might be going bankrupt. FYI, make sure you don’t overpay for 2008…

SAN FRANCISCO (Reuters) — California will not pay tax refunds for individuals and business that overpaid 2008 taxes, in order to conserve dwindling cash for priority payments including school spending and debt repayment required by state law, the state’s controller office said Friday…

Various state officials have been warning in recent weeks that the most populous U.S. state’s coffers would run dry if Gov. Arnold Schwarzenegger and lawmakers fail to balance the state’s current budget. The governor in his state of the state speech Thursday said California faces insolvency within weeks if it does not balance its books.

I love this song! Makes me want to be a kid again.

“Kids” by the group MGMT.

YouTube Credit. JSalmon.