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Controller Says No IOU's in September

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(Sacramento, CA)
Thursday, September 9, 2010

California took in 264 million dollars more than state officials expected. The state also spent over a billion less than anticipated. That's according to the latest figures from State Controller John Chiang. He says the improved outlook means IOU's won't be necessary until at least October. They may not be necessary at all, if a budget is passed soon.

"Hopefully the governor and the legislature will take this moment and come together, make a decision so that we don't have to issue IOU's for this fiscal year."

Chiang says part of the unexpected cash is from an increase in personal income taxes. Last year, California issued 450-thousand IOU's worth more than two and a half billion dollars.
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