California set to issue IOUs
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California's new fiscal year begins today, and the state Senate has failed to reach a revised budget agreement to keep from issuing IOUs for its bills. Facing a $24 billion deficit, lawmakers were unsuccessful in approving $3.3 billion in budget cuts that would have temporarily averted the use of IOUs. State controller John Chiang is set to begin using the IOUs on Thursday, which could damage the state's credit rating. However, lawmakers still can avoid giving out the IOUs if they reach a budget deal before Thursday. Larry Mantle gets an update on the developments. Post your thoughts here.
Julie Small, KPCC's State Capital Reporter
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