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SATURDAY, NOVEMBER 7, 2009
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California Begins Printing IOUs

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(Newser) – Thousands of Californians still waiting for their state tax returns will open their mail to find an IOU instead of a check. Unable to close a gargantuan budget deficit, the state began printing a $53 million batch of IOUs this afternoon, the Los Angeles Times reports. Some banks have agreed to accept them, at least for the time being.

"We are reluctant to take this step, but are doing so to help our customers who are not at fault and with the expectation that the Legislature and governor will complete the budget within days," said a Wells Fargo statement.

One of the first IOUs, or registered warrants, is seen after being printed at the state controller's office in Sacramento.
One of the first IOUs, or registered warrants, is seen after being printed at the state controller's office in Sacramento.   (AP Photo/Rich Pedroncelli)
Dorothy Cottrill of the state controller's office inspects some of the first of an estimated 50,000 IOUs to be issued.
Dorothy Cottrill of the state controller's office inspects some of the first of an estimated 50,000 IOUs to be issued.   (AP Photo/Rich Pedroncelli)
Hot off the presses.
Hot off the presses.   (AP Photo/Rich Pedroncelli)
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11 comments
VIEWING:
 
Timinator2K
Jul 2, 09 7:54 PM CDT
AOU...AHNOLD OWES YOU! Reply
Vote up! Vote down!
+4
OmegaMan
Jul 2, 09 8:07 PM CDT
Well this is what happens with out of control spending... As goes California , so goes the nation. California is responsible for approximately 13% of the United States' gross domestic product. A moment of silence please....... Reply
Vote up! Vote down!
+3
IN RESPONSE:
anchower
Jul 2, 09 11:32 PM CDT
Wrong. This has nothing to do with "out of control spending," and everything to do with it being impossible in California to raise taxes, and with California not being able to run a deficit like the U.S. So no, not "[a]s goes California , so goes the nation."
Vote up! Vote down!
+1
IN RESPONSE:
ClearSight
Jul 3, 09 9:12 AM CDT
anchower if you don't spend, then there is no need to tax, take your head out of your a$$.
Vote up! Vote down!
+2
emptycalm
Jul 2, 09 8:56 PM CDT
bad ideas to keep a failed system going. Reply
Vote up! Vote down!
+4

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