Calif. will begin redeeming IOUs as interest payments will cost taxpayers nearly $10 millionSeptember 3rd, 2009 Calif. to pay nearly $10 million on IOU interestSACRAMENTO, Calif. — California taxpayers will pay nearly $10 million in interest on the nearly half a million IOUs the state has issued this summer.
Ariz. treasurer says state must enact a budget this week or it won't be able to pay its billsAugust 20th, 2009 Treasurer says Arizona must enact budget this weekPHOENIX — Arizona Treasurer Dean Martin said Wednesday that the state must enact a new state budget by the end of the week or it will lose the flexibility to borrow money from banks to continue paying its bills. The state was $386 million in the red as of Wednesday and has been making up for it by borrowing money from some of the 1,800 state government funds.
California to stop issuing IOUs to thousands of vendors as state budget stabilizesAugust 13th, 2009 Calif. to stop issuing IOUs as budget stabilizesSACRAMENTO, Calif. — California's top financial officers said Thursday they will stop issuing IOUs, ending a practice that became the most visible symbol of the state's fiscal crisis.
Schwarzenegger inks budget, ends California cash crisisJuly 29th, 2009 SACRAMENTO - California Governor Arnold Schwarzenegger signed off on the state's $84.6-billion budget Tuesday, ending a months-long cash crisis that forced the most populous US state to issue vendors IOU notes instead of payments. The former action-movie star used his veto powers to lop almost $500 million extra from the budget that had already been slashed by $15 billion to balance the books following a precipitous drop in state tax revenues.
California has budget deal in place, but officials concerned fiscal woes may not be overJuly 25th, 2009 Calif. officials concerned about new budget woesSACRAMENTO, Calif. — California officials are warily awaiting the next round of state revenue figures, concerned that their latest budget-balancing efforts may not be enough to end a seemingly endless stream of deficits.
California lawmakers, Schwarzenegger brace for debate on budget deal of tricks, deeper cutsJuly 23rd, 2009 Calif. lawmakers begin debate on $26B budget dealSACRAMENTO, Calif. — Whether California can stop issuing IOUs or continues to slide toward insolvency is in the hands of state lawmakers, who are being asked to vote on a complex budget plan struck by Gov.
Lawmakers, governor hope to seal deal Sunday on how to erase California deficitJuly 18th, 2009 Deal possible Sunday on California budgetSACRAMENTO, Calif. — California officials hope to reach a deal Sunday on how to erase a $26.3 billion budget deficit that has forced the state to issue IOUs for the first time in nearly 20 years.
With warnings of financial ruin come and gone, Calif. sees doomsday at the end of AugustJuly 10th, 2009 Calif. fiscal experts see late August as deadlineSACRAMENTO, Calif. — It was only weeks ago that lawmakers, finance officials and the governor were warning that California was headed over a financial cliff.
Assembly committee passes bill requiring Calif. to accept IOUs as payment for taxes, feesJuly 7th, 2009 Bill would let IOUs pay for Calif. taxes, feesSACRAMENTO, Calif.
Schwarzenegger declares fiscal emergency in CaliforniaJuly 2nd, 2009 SACRAMENTO - California governor Arnold Schwarzenegger Wednesday declared a fiscal emergency as lawmakers failed to pass a budget to close the state's $24.3 billion budget gap. The emergency means that the state may start issuing IOU's instead of checks as soon as Wednesday.
Compromise over California budget deficit remains elusive with IOUs just days awayJune 29th, 2009 Calif. Senate OKs budget headed for certain vetoSACRAMENTO, Calif. — The California Senate has approved a Democratic budget that faces a certain veto from Republican Gov.
California controller says issuing $3 billion in IOUs a sign of fiscal mismanagementJune 27th, 2009 Controller: IOUs signal Calif fiscal mismanagementSACRAMENTO, Calif. — Thousands of Californians will be hurt and it will cost millions if the state is forced to hand out IOUs instead of payments next week, the state controller said Friday.
California controller says issuing $3B in IOUs a sign of fiscal mismanagementJune 27th, 2009 Controller: IOUs signal Calif fiscal mismanagementSACRAMENTO, Calif. — Thousands of Californians will be hurt and it will cost millions if the state is forced to hand out IOUs instead of payments next week, the state controller said Friday.
California lawmakers fail to pass stopgap measure to avoid IOUs, budget deal remains distantJune 26th, 2009 California Senate rejects cash-saving proposalSACRAMENTO, Calif. — Republicans in California's Senate have blocked a complicated cash-saving maneuver intended to help the state avoid issuing IOUs for services provided by thousands of independent contractors.
Calif. lawmakers remain deadlocked over solving budget crisis; IOUs expected next weekJune 26th, 2009 Calif. IOUs loom as lawmakers remain at impasseSACRAMENTO, Calif. — California lawmakers remain at an impasse over solving the state's $24.3 billion deficit as the state controller prepares to hand out roughly $3 billion in IOUs.
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