Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

California Misses Budget Deadline, Readies “IOUs”

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
Wednesday, July 1, 2009

California’s lawmakers failed to agree on a balanced budget by the start of its new fiscal year 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 Tuesday night to back their plans to tackle a $24.3 billion budget shortfall or a stopgap effort to ward off the IOUs.

The two sides agree on the need for spending cuts but are split over whether to raise taxes. Democrats have pushed for new revenues while Republican lawmakers and Governor Arnold Schwarzenegger, also a Republican, have ruled out tax increases.

Full article here

California Misses Budget Deadline, Readies IOUs  290509banner

This article was posted: Wednesday, July 1, 2009 at 3:57 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Dr. Death Weaponized Ebola in South Africa in The 1980s See the rest on the Alex Jones YouTube channel.

British Models Storm Army Base See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.