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As California is set to begin issuing IOUs instead of cash due to a budget crisis, Felix Salmon has a chart explaining who will keep getting paid in cash, and who will have to accept paper promises.
Also referred to as "IOUs" by the U.S. state of California, the term "Registered Warrants", which specify a future payment date, is meant to differentiate these IOUs from regular, or “normal” payroll warrants which permit the holder to exchange their warrant for cash immediately. For both types of warrants, redeeming them may be delayed ...
The state government ran out of cash reserves on July 2 and began paying employees and contractors with IOUs, [3] which major banks agreed to honor for the time being. [4] After a period of negotiation, the legislature and governor agreed on an austere $54.7 billion budget which reduced entitlement payments and public services.
These warrants were used by quartermasters to issue vouchers to acquire food, supplies, munitions, clothing, transportation, etc., for the use of the American military and to maintain Washington's headquarters. Warrants could be redeemed by the army paymasters, but most often they were used like cash by the recipient.
Beginning tomorrow, California will issue IOUs to elderly, disabled and welfare recipients who are due checks because the governor and the legislature failed to agree on a spending plan before the ...
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News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
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