California News: IOU’s on the way

Residents and various contractors of the golden state have received IOU’s from the state of California which equal about 220.000 IOU’s which will not know when they will be able to redeem them until the budget is actually reviewed. As it stands now, the deficit in the state which was ultimately signed by Governor Arnold Schwarzenegger is around $24 billion and has been slashed by some $15 million dollars or so.
All in all, the IOU’s in question began being sent on July 2nd in order to preserve enough money for the golden state to cover debt payments and fund education according to Controller John Chiang. As an aside if you would like to read about more California news pertaining to safety, regulatory news and the like, then may I suggest this resource. Alright now back to the main story at hand….For it’s part, California has faced a $400 million dollar shortage for the month of July and has revised it down to some three million bucks or so following the June figures. All in all, state citizens are unhappy with the IOU’s rather than their state tax refund as many have stated they were depending on the refunds for outstanding debts and other necessities in the current economy, but will have to wait even though they feel they their refunds should never be held.