Source: www.sacbee.com
As the federal government prints money to come up with its shortfall, California has taken a tactic from Harry and Llyod (Dumb and Dumber), and has begun printing IOU's to cover its extravagant deficit spending.
""Given the poor credit rating of California – the worst in the nation – banks may be hesitant to extend credit to the state," Rod Brown, president and CEO of the California Bankers Association, said in a prepared release.
While legislative leaders and their number crunchers scurried between closed-door meetings, and Gov. Arnold Schwarzenegger held news conferences in Los Angeles and Fresno to demand quick action, the state controller's printing presses began churning out 28,742 warrants, worth $53.3 million, which will be mailed to people awaiting tax refunds.
Instead of a check, they'll get an IOU and a letter of explanation. "
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