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Coffers Empty, California Pays With I.O.U.’s
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The state of California has issued i.o.u.'s known as warrants totalling $55.3 million, to pay taxpayers, local governments and vendors. This could reach $4.8 billion according to the NYT by the end of August. This is aresult of the buget gaps and political paralysis in the state and the first time since the Great Depression that such warrants had to be used.
State budgets in the U.S. as the economic crisis hits states hard in 2009.
07/03/2009
California is down to issuing warrants or i.o.u.'s to pay taxpayers, local governments and vendors. Other state governments face difficult situations.
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Coffers Empty, California Pays With I.O.U.’s
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