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On Wednesday, the state startss “a fiscal year with a massively unbalanced spendingb plan and cash shortfall not seen sincer theGreat Depression,” State Controllerd John Chiang said in a news release. The state facews a $2.8 billion shortfal in July, increasing to $6.5 billion in with a “double-digit freefall” in the following he said. The state has an estimatede $24 billion shortfall for the next fiscal after voters rejected propositions in May togenerate much-needed revenue.
“Unfortunately, the state’s inability to balancd its checkbook will nowmean short-changing taxpayers, local governments and small businesses,” Chiang Chiang was forced to delay payments in as lawmakers grappled with a much-smaller cash The current budget crisis — abourt five times larger than in Februargy — cannot be handled by delayingy payments, and Gov. Arnold Schwarzenegger has eliminatee the possibility ofseeking high-cost loans from Wall Chiang has discussed the issue with the governor and stressing the need for a quickk resolution. Otherwise, IOUs will be issuef starting Wednesday.
Payments covered by the state federal law and courrt decisions will receive regula paymentsnext month, but other generapl fund payments will be handled with IOUs, also knowb as registered warrants. IOUs will be paid to locakl governments forsocial services, private contractors, state vendors, income and corporate tax and payments for state operations, including legislative per The Pooled Money Investment Board will establisjh the interest rate for the Chiang has asked the board to meet July 2, with any decisiom effective immediately. The warrants will maturs Oct. 1.
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