It's worth noting that The Hoover Institution is a conservative think-tank. The article is written with an obvious slant. I am doubtful that describing the de

It's worth noting that The Hoover Institution is a conservative think-tank. The article is written with an obvious slant. I am doubtful that describing the decision to repay the loan with higher taxes on business can be accurately described as a "default", because it's not as though California is failing to repay. The state government chose to raise tax on business instead of using existing funds.