Previous Entry Share Next Entry
California misses budget deadline, readies "IOUs"
enpoliticstyle

(CALIFORNIA, BUDGET, STATE, BILLION, SENATE, OBLIGATION)


By Jim Christie SAN FRANCISCO (Reuters) - California`s lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state`s vendors and local agencies, who instead will get "IOU" notes promising payment. The notes will mark the first time in 17 years the most populous U.S. state`s government will have to resort to the unusual and dramatic measure. Democrats who control the legislature could not convince Republicans late on Tuesday night to back their plans to tackle a $24.3 billion budget shortfall or ... read more

?

Log in