California Begins Printing IOUs

Leftist, open border model imploding.

Thousands of Californians still waiting for their state tax returnswill open their mail to find an IOU instead of a check. Unable to closea gargantuan budget deficit, the state began printing a $53 millionbatch of IOUs this afternoon, the Los Angeles Times reports. Some banks have agreed to accept them, at least for the time being. “We are reluctant to take this step, but are doing so to help ourcustomers who are not at fault and with the expectation that theLegislature and governor will complete the budget within days,” said aWells Fargo statement. As goes California, so goes the nation. –Ed.

2009-07-03