{"id":13536,"date":"2009-06-25T16:16:15","date_gmt":"2009-06-25T16:16:15","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/california_set_to_issue_ious_as_fiscal_crisis_weighs\/"},"modified":"2009-06-25T16:16:15","modified_gmt":"2009-06-25T16:16:15","slug":"california_set_to_issue_ious_as_fiscal_crisis_weighs","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=13536","title":{"rendered":"California set to issue IOUs as fiscal crisis weighs"},"content":{"rendered":"<p>California&#8217;s controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can&#8217;t quickly solve a $24 billion budget deficit, and the state&#8217;s treasurer plans to tap a reserve fund to meet debt service costs.<\/p>\n<p>The measures came as a budget crisis deepened in the most populous U.S. state and the gridlocked legislature failed to pass a proposed $11 billion in cuts.<\/p>\n<p>&#8220;Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression,&#8221; Controller John Chiang said in a statement announcing that he would be forced to use IOUs to pay the state&#8217;s bills beginning on July 2.<\/p>\n<p><a href=\"http:\/\/www.reuters.com\/article\/topNews\/idUSTRE55O07Q20090625?sp=true\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California&#8217;s controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can&#8217;t quickly solve a $24 billion budget deficit, and the state&#8217;s treasurer plans to tap a reserve fund to meet debt service costs.<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=13536\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,149,151,619,587,596],"tags":[],"class_list":["post-13536","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-economy","category-politics-in-general","category-state-government","category-taxes","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/13536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13536"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/13536\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}