Wednesday, June 24, 2009

Those are as Good as Cash Sir

Signaling that California is slipping deeper into financial crisis, the state’s controller said Wednesday that his office would soon be forced to issue i.o.u.’s to scores of the state’s creditors, the first time since 1992, when 100,000 state employees were paid with them.

California to Pay Creditors With I.O.U.’s [New York Times] Sphere: Related Content

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