California IOU
The state of California missed its budget deadline that would limit the $24 billion gap between spending and income and has been forced to begin paying vendors with IOU's. Los Angeles News.
Are California taxpayers still going to get IOUs instead of tax refunds this year? (1 Answer)
A:
Yes. Paper IOUs are forthcoming. Direct from the treasurer: Is it possible that I will be issued an IOU? If the state’s cash flow problems do not ...
Won't California IOU's lead to potential hyper-inflation? It is effectively a new currency, even tho it is not $; but not legal debt either.(1 Answer)
A:
From the California web site Quote - - - What is a registered warrant? A registered warrant is a “promise to pay,” or an IOU, that is issued by the State ...
Are Californians going to get IOU's instead of tax refunds this year?(1 Answer)
A:
No, there will be a 30 day delay From the California Tax Board --Quote-- Due to the state's persistent cash and budget problems, the State Controller announced ...
References
Fast Facts
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Date
July 1, 2009
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Location
Sacramento, California
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Fact 3
The Federal Government has threatened to seize control of various California state parks including Angel Island and Mount Diablo
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Fact 4
Arnold Schwarzenegger has declared a financial emergency and has ordered a shutdown of government offices three days a month.
