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Clock Ticking Down For Lawmakers

Sacramento, CA — Today is the end of California’s fiscal year and the final afternoon for state lawmakers to reach a deal on closing a $24 billion budget deficit before it will begin draining its treasury.

The Associated Press says IOUs will be issued as soon as Thursday to state contractors, welfare recipients, college students expecting grants, the aged and disabled.

IOUs will likely be issued for the first time since the 1990s.