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IPFS News Link • Economy - Economics USA

Gov. Arnold Schwarzenegger Will Soon Be Handing Out IOUs

08-19-2010 • blogs.sacbee.com/

State Controller John Chiang told the Sacramento Press Club this afternoon that he will soon be printing IOUs if the Legislature and Gov. Arnold Schwarzenegger can't agree on a state budget. "If current conditions hold," Chiang said, "we could start issuing IOUs in two to four weeks." The state issued about 450,000 IOUs for two months last summer during a cash crunch as the 2009-2010 budget was being re-written. The state also issued IOUs in 1983 and 1992. Chiang wouldn't give an exact date for the IOU issuance. He said the state's cash position changes daily.

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Reported By Jack Gregson

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