The country owes creditors $18.2 billion, which is more than its entire domestic economy produces in a year: 132 percent of gross domestic product, according to the International Monetary Fund.

The Los Angeles Times says the delay will save the district $3 million each year in staffing, utility and other expenses, although it will have to pay about $1 million to secure and maintain the empty campus.

Governor Arnold Schwarzenneger says he will completely eliminate a host of social programs, including Healthy Families, the state sponsored health insurance for children; CalWORKS welfare program; and In-Home Support Services for the elderly, blind, and disabled (IHSS), unless the feds cough up $6.9 billion dollars more for California.