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California warns it'll be paying bills soon with IOUs

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posted on Dec, 31 2008 @ 07:44 AM
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California warns it'll be paying bills soon with IOUs


www.sacbee.com...

State Controller John Chiang warned Tuesday that the first group to get hit in the wallet by California's budget debacle is likely to include legislators – and it could happen as early as Feb. 1.

The bad news is that next in line to get IOUs instead of cash would be Californians awaiting state income tax refunds and companies that do business with the state.

In a letter to state agencies, Chiang said his office was projecting the state would run out of cash around the beginning of March.

Without a deficit-closing deal between legislators and Gov. Arnold Schwarzenegger, Chiang said, his office "has no choice but to pursue the deferral of potentially billions of dollars in payments and/or the issuance of individual registered warrants, commonly referred to as IOUs."

(visit the link for the full news article)



[edit on 31/12/2008 by Mirthful Me]



posted on Dec, 31 2008 @ 07:44 AM
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Hmmmm, can I buy food for my family with an IOU? Well, if this isn't a sign of complete and utter misuse of tax dollars. Now they are saying the next in line, after the legislators (which should be first since they are responsible), will be the taxpayers that are OWED their money back after turning it over to their state. Nice. Any more corrupt misuse of public funds? I believe this will be the tip of the iceberg of what's to come from the state level throughout this country.

Pathetic.

www.sacbee.com...
(visit the link for the full news article)

[edit on 31/12/2008 by Mirthful Me]



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