News

California will issue IOUs starting next week

June 25, 2009/

California could begin issuing IOUs on July 2 unless the governor and lawmakers reach a budget deal, the latest challenge for the financially strapped state.

On Wednesday, the state starts “a fiscal year with a massively unbalanced spending plan and cash shortfall not seen since the Great Depression,” State Controller John Chiang said in a news release.

Full Story: http://www.bizjournals.com/sanfrancisco/stories/2009/06/22/daily39.html

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