Thursday, June 25, 2009

California set to issue IOUs as fiscal crisis weighs | Reuters

California set to issue IOUs as fiscal crisis weighs
| Reuters
: "Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression,' Controller John Chiang said in a statement announcing that he would be forced to use IOUs to pay the state's bills beginning on July 2."

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