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State Controller said without a state budget, California's government would be unable to pay its bills in late August. That means issuing IOUs to some people. Possible dates for IOUs could be either Aug. 27 or Aug. 31, when big payments to schools ar

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Comment by Gene Kernan
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And the big deal is...?  IOUs - notes - are all that's in circulation anyway.  They can use them as "scrip" and pay their bills with 'em. 

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