California prepares to stop paying bills

"Facing a $42 billion budget deficit, State Controller John Chiang told the Sacramento Bee he has already borrowed $21.5 billion to try to cover the state's checks, but by Feb. 1, there will be no more options left but to simply stop paying some of the bills – including tax refunds, welfare checks, student grants and other payments owned to California citizens."

so Chiang has announced an expected payment

freeze on $3.7 billion worth of the state's bills, most of it refunds owed to taxpayers.