No Threat Of IOU’s Yet
Sacramento, CA– The state controller’s office says it will not issue IOU’s this month. Controller John Chiang issued a statement Thursday saying monthly cash totals for August were high enough to remove the immediate threat of a second round of IOU’s until early October should California continue without a budget.
California has entered the third month of its fiscal year without a spending plan. Last year, Chiang’s office issued IOU’s for only the second time since the Great Depression.
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