As budget deficit grows, cash-strapped California prepares to issue IOUs
California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to close the state's worsening budget deficit, adding a new measure of indignity to a state sinking deeper into dysfunction. Lawmakers' failure to act on Tuesday, the end of the fiscal year, also widened California's deficit from what already had been a whopping $24.3 billion — more than a quarter of its general fund. The failure to balance the state's main... Full Story
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