CALIFORNIA "TAX REFUNDS MIGHT GET IOUs"

If you happen to live in the State Of California and you will be receiving a 2008 tax refund you may receive a IOU from the State Of California. The State Comptroller John Chiang who oversees the cash flow of California warned State agencies Tuesday that unless Gov. Schwarzenegger and the legislature agree on a budget, that the State will have to begin issuing IOUs to state employees and state contractors as early as February 1. Therefore, without immediate cash solutions the ability of the state to borrow billions from the strained financial markets, the state comptroller has office has no choice but, to pursue the deferment of billions of dollars in payments and the issuance of IOUs. The state prolonged fiscal crisis which is expected to result into a 40 billion dollar deficit by June 2010. The State Comptroller Chiang and other officials warned that the state could run out of money by the beginning of February. Chang letter to all the state government agencies to make the necessary changes in the computer system to processes IOU payments once given the order by the Comptroller. Finally, those first to receive IOU payments are the Governor, Lieutenant Governor, Treasurer, Secretary Of State and Comptroller. The lawmakers and vendors who do work for the state will also get IOUs when the state coffers run out of money. The "Clown Ass" lawmakers in California ever think about cutting spending in and stop giving away billions of dollars to illegal aliens.