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SUNDAY, NOVEMBER 22, 2009
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21

Calif. May Need to Issue IOUs Next Week

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(Newser) – California’s finances are so dire that the state controller says he’s going to have to start doling out IOUs to creditors soon, reports the Los Angeles Times. Likening the situation to the Great Depression, John Chiang says he’ll have to issue IOUs to social-service agencies, private contractors, vendors, and others starting July 2 unless Gov. Schwarzenegger and state lawmakers close a $24 billion deficit.

Legislators have begun debating a series of proposals, all of which are expected to fail. Assuming that happens, Schwarzenegger and leading legislators will meet behind closed doors to try to forge a compromise. Chiang says an anticipated cash shortfall of $2.8 billion in July could grow to $6.5 billion by September.

Gov. Arnold Schwarzenegger said that he would veto any budget bill that includes new taxes.
Gov. Arnold Schwarzenegger said that he would veto any budget bill that includes new taxes.   (AP Photo/Rich Pedroncelli)
Several hundred people gathered to protest against Gov. Arnold Schwarzenegger's proposed state budget at the Capitol in Sacramento, Calif., on June 10, 2009.
Several hundred people gathered to protest against Gov. Arnold Schwarzenegger's proposed state budget at the Capitol in Sacramento, Calif., on June 10, 2009.   (AP Photo/Rich Pedroncelli)
Gov. Arnold Schwarzenegger.
Gov. Arnold Schwarzenegger.   (AP Photo/Rich Pedroncelli)
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21 comments
VIEWING:
 
UrUndertaker
Jun 24, 09 5:01 PM CDT
Wonder if Gov. Schwarzenburger can spell IOU??? Hey, it's a logical question, after all he IS a Republican isn't he? Reply
Vote up! Vote down!
-3
IN RESPONSE:
Mr.C
Jun 24, 09 5:13 PM CDT
hahah I get it, you just said everyone in a political party can't spell. Wow what a clever unfounded generalization!
Vote up! Vote down!
+3
IN RESPONSE:
Netstorm2k9
Jun 24, 09 5:51 PM CDT
That's a really offensive generalization. It's like saying all Democrats are gay.
Vote up! Vote down!
0
IN RESPONSE:
Reader64481089
Jun 25, 09 7:26 AM CDT
@ Mr.C, it is a strong possibility due to the simple facts of so many "claims" made right on this board and so many proved to be totally erroneous claims which were shown to be totally false by actually doing 30 seconds of research. I personally have HAD to provide links to REAL INFORMATION and FACTS, you know, stuff the Right tends to ignore? Want a couple quick reminders? Republicans stated that the American Health System was #1 in the world? I delivered the links to WHO where it is shown that the USA is in fact #37? Or the fact that an American General stated OPENLY that most prisoners held in the prison in Iraq were in fact INNOCENT but had simply been in the wrong place when a round up was ordered? Again simple research? Reading? Get over it, do some research
Vote up! Vote down!
0
IN RESPONSE:
Amber
Jun 25, 09 7:28 AM CDT
Netstorm2k9, who decided being Gay was offensive? That is actually what you stated.
Vote up! Vote down!
+2

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