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IPFS News Link • TAXES: State

California to issue IOUs again

• NBC News
State Controller John Chiang said Tuesday that without a state budget, California's government would be unable to pay its bills in late August (or maybe early September). That means issuing IOUs to some people. Possible dates for IOUs could be either Aug. 27 or Aug. 31, when big payments to schools are due, according to this schedule on the controller's website.

1 Comments in Response to

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.