State Issues IOUs as Budget Crisis Worsens

The state will begin sending out $3.36 billion in IOUs today as Governor Arnold Schwarzenegger declared a fiscal emergency and California’s budget deficit grew to $26.3 billion, according to the Chron. The governor also ordered state workers to start taking a third unpaid furlough day a month to save $425 million this year. The state’s deficit grew by $2 billion after lawmakers failed to meet a July 1 deadline that would have allowed the state to save money on education.

18,632FansLike
0FollowersFollow
67,429FollowersFollow

Newsletter sign-up

eLert sign-up

Oakland
clear sky
49.2 ° F
51.8 °
46 °
76 %
0.7mph
1 %
Fri
56 °
Sat
59 °
Sun
60 °
Mon
61 °
Tue
61 °