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IPFS News Link • Economy - Economics USA

California Senate adjourns without a budget; IOUs start today

07-01-2009 • LA Times

With a day to go until a cash crisis would force the state to stop paying its bills, lawmakers and Gov. Arnold Schwarzenegger worked into the night Tuesday but failed to reach a budget agreement.
The state Senate voted several times as midnight approached in a last-ditch effort to approve $3.3 billion in cuts to education and other programs and stave off, at least temporarily, the IOUs that California Controller John Chiang is set to begin issuing Thursday in lieu of some payments.

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Reported By Powell Gammill

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