6/24/2009
The state controller of California, John Chiang, warned that the state government will have to start issuing I.O.U. to its creditors, if the lawmakers fail to close the $24 billion budget gap by July 2.
"Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression," Controller John Chiang said in a statement announcing that he would be forced to use I.O.U.s to pay the state's bills beginning on July 2.
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