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IPFS News Link • TAXES: State
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.
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1 Comments in Response to California to issue IOUs again
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.