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Jun
30
Written by:
ACSS Communications
6/30/2009 7:53 AM
As California braces for IOUs -- registered warrants -- to replace payments beginning tomorrow, the unknown is whether the banks will cash them. If they don't, some businesses and municipalities could be hurting. The IOUs will come due Oct. 1, meaning anyone holding them will be paid their value plus interest. State workers will continue to receive paychecks, not IOUs. As the clock continues to tick, a budget by tomorrow appears less and less likely.
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