As Democrats in California continue to try and shove their tax hikes down Californians’ throats, the state could begin issuing IOUs next week:
As lawmakers rejected the core of a Democrat-backed budget plan intended to tame California’s $24-billion deficit, a top finance official warned that the budget crisis could force him to begin issuing IOUs next week.
Controller John Chiang announced that he would have to start paying many of the state’s bills with IOUs on July 2 if the partisan tug-of-war over the deficit isn’t ended by then.
With a scant seven days to that deadline, both houses of the Legislature took up one of the 20 bills that make up the latest spending plan but failed to garner the two-thirds vote needed to pass it.
Chiang met with legislative leaders earlier this week to warn them of the consequences of further delays in adopting budget revisions. He said in a news release that resorting to IOUs “sends a signal” from Wall Street to Main Street that California is out of options.
Lawmakers said they were aware of the stakes.
“The clock is ticking and it’s ticking fast,” declared Assemblywoman Noreen Evans (D-Santa Rosa), chairwoman of the legislative budget panel that crafted the deficit-reduction package.
“Everybody’s talking about jumping off the cliff,” said Sen. Bob Dutton (R-Rancho Cucamonga). “We’re already off the cliff.”
The best signal would be for California Democrats to come to their senses, adopt the cuts to state spending and finally get it over with. As to whether or not they will make the deadline for this budget, I’m making a “bold” prediction: No. They absolutely won’t.
3 thoughts on “California Controller Considers Paying in IOUs”
“adopt the cuts to state spending and finally get it over with” ok, get it over with as in putting the most vulnerable people in jeapordy…elderly, disabled with no help who cannot fend for themselves, GET IT OVER WITH. Oh, that would get it over with allright, people will die, be homeless, be denied of care. Obviously, you don’t care what happens to these people, but they deserve more than to be told they do not matter, they are being told they are a crutch to society. Yep, get it over with is what Hitler said when he murdered the elderly and disabled. Obviously you have the same mentality !!
“people will die, be homeless, be denied of care.”
Let me correct you here: people ARE dying, homeless, and being denied care.
California is the highest taxed state in the nation which naturally leads to such circumstances. I want for this to end. I want this government to stop looting its people so they have enough left to take care of themselves.
I will chalk up your mindless Hitler comment to temporary rage.
I read an article somewhere, where a California man suggested to endorse his IOU’s to pay his Federal Taxes.
Parking Tickets? No worries, pay with your IOU.
You owe money to the IRS? No worries, pay with your IOU.
Property Tax? No worries, pay with your IOU.
and anything else related to paying local, state or federal agencies…NO WORRIES, PAY WITH YOUR IOU :)