[MadDog]

Link here: IOUs


Story here:


Cash-Poor California Begins Issuing IOUs
SACRAMENTO (CBS 5 / KCBS / AP) ―

Gov. Arnold Schwarzenegger resumed talks Monday with lawmakers in an effort to close California's $42 billion budget deficit, with employee furloughs just days away. Meanwhile, the state began paying for its bills with IOUs instead of checks Monday.

State leaders were meeting Monday to seek a compromise on the spending plan as California is expected to run out of cash this month. Officials have already missed a self-imposed Feb. 1 deadline for a budget deal.

To conserve cash, the controller has delayed payments to taxpayers who filed their returns. Also, on Friday, 238,000 government employees will begin taking two days off a month without pay.

The governor and lawmakers don't agree on the mix of tax increases and spending cuts. They also disagree on elements of an economic stimulus plan.

A spokesman for the governor says staffers worked through the weekend on legislative language to resolve some key issues. "Very intent to get this resolved in the next few days," affirmed State Sen. Mark Leno. "And vote on a $40 billion resolution."

Santa Clara County Supervisor Liz Kniss is dumbfounded by the turn of events in Sacramento. "I am so disappointed."

The state was running out of cash, and Controller John Chiang said he had no choice but to issue IOUs now.

Kniss believes Californians are fed up, and ready to rise up. "A recall of some kind, a new initiative, I don't know what it would be. But it's just unacceptable."

[vinlikesred]

this story never cease to amaze me. isnt CA 7th largest economy in the world by itself? is the federal govt the next?

[MadDog]

Originally Posted by vinlikesred

this story never cease to amaze me. isnt CA 7th largest economy in the world by itself? is the federal govt the next?

Wikipedia shows Cali to be the 10th largest economy in the world as of 2007.

[crimsonsghost]

were fucked

[Joonsup]

it's ok. i'm only get getting like 50 bucks back for my tax refund. I probably shouldn't have claimed so many exemptions. Imma change it back to 0 for 2009. haha

[MadDog]

Originally Posted by joonsup

it's ok. i'm only get getting like 50 bucks back for my tax refund. I probably shouldn't have claimed so many exemptions. Imma change it back to 0 for 2009. haha

My daughter is only getting $50 back from CA also. I think I'll scan the IOU and frame it.

[JME]

Oh crap, you mean social services, law enforcement agencies, emergency agencies, better roads and the continued payment of the baby-boomers who retired on the old fucked up state pension system costs money?

Not to mention that whole property tax fiasco.

I'm kinda glad California is not going to be getting any tax money from me for the next two years. My state tax return is gonna be over 2k, I don't want an IOU for that.

[Tondtar]

Don't worry ...Come April 15th, we will be issuing IOU's of our own

[MadDog]

Originally Posted by Tondtar

Don't worry ...Come April 15th, we will be issuing IOU's of our own

Yeah, I wonder what would happen if the taxpayer sent in an IOU instead of money. Off to San Quentin !!!!

[aut0sh0cker]

Nobody who actually lives in California calls it "Cali"

OP = NOOBSAUCE

[MadDog]

Originally Posted by aut0sh0cker

Nobody who actually lives in California calls it "Cali"

OP = NOOBSAUCE

Oh Fuck off asshole.

Edit: That should be SoCal asshole.

[aut0sh0cker]

Originally Posted by MadDog

Oh Fuck off asshole.

Edit: That should be SoCal asshole.

just sayin'....

[JME]

Kali was the name of a chick in a LL Cool J song.

California is a state.

Know the difference.

[stooken]

Originally Posted by MadDog

Oh Fuck off asshole.

Edit: That should be SoCal asshole.

[MadDog]

Originally Posted by aut0sh0cker

just sayin'....

Originally Posted by JME

Kali was the name of a chick in a LL Cool J song.

California is a state.

Know the difference.

IOUs for both of you.