California Issues IOU's

For the first time since 1992, California will pay many of the state's bills with IOUs after lawmakers failed to fix the state's worsening budget deficit.Lawmakers' failure to act on Tuesday, the end of the fiscal year, also widened California's deficit from what already had been a whopping $24.3 billion -- more than a quarter of its general fund.Governor Arnold Schwarzenegger blames Democrats in the state house... who he says have resisted reforms to solve the shortfall.



 


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