State Governments: IOUs for California, while Iowa needs clean up its own Budget

The decision to issue IOUs, officially called "individual registered
warrants," will cost California heavily. The state will have to repay the
warrants with millions of dollars in interest. Investors will likely charge
California more for the short-term loans the state relies on every year as
it waits for tax revenue. Issuing IOUs also sends a negative message to Wall
Street about the state's financial shape. - The Wall Street Journal

The Thursday, July 2, 2009 edition of The Wall Street Journal newspaper features an article titled, "California Lays Plans to Issue IOU's to Creditors." For more on this issue, read Public Interest Institutes's brief titled "Iowa's State Budget: Spending Our Way to a Crisis Again."

More stories on California's budget woes ...

How California's Fiscal Woes Began: A Crisis 30 Years in the Making -TIME - Kevin O'Leary - ‎ 01, 2009 California Governor Arnold Schwarzenegger addresses a joint session of the legislature discussing the state's budget crisis and the necessary steps ...

Video: Fiscal emergency in California - RT
Schwarzenegger can't terminate California money woes - Reuters
Arnie's ious Amid California Budget Woes - Sky News

Turning to the State of Iowa, State Representative Christopher Rants (R- Sioux City) commented in his blog on July 2, 2009 the following ...

Net tax revenues came in $161 million below the estimate of
the revenue estimating conference for fiscal year 2009 which ended Wednesday.
For those who love to know the details it breaks down this way:$57.7 million
reduction in gross revenue$72.3 million in increased refunds$31.0 million in
increased school infrastructure refunds to districts - Christopher Rants

Act Now to Balance the Budget - Christopher Rants, State Representative Iowa House District 54

A state parks budget squeeze -Omaha World-Herald - Paul Hammel ‎
In Iowa, all state agencies took a 15 percent budget cut. The unmown grass is already evident in many Iowa parks, an Iowa official said, including popular ...

State's budget woes deepen - Waterloo Cedar Falls Courier - Rod Boshart
"The Iowa Constitution requires our state to operate with a balanced budget yet the fiscal year that ended yesterday leaves Iowa with an unbalanced budget," ...

Other States budget woes ...

State Budget Woes Worsen As Deadline Arrives -NPR - Deborah Tedford
Brian Sigritz, of the National Association of State Budget Officers, said California, Mississippi and Rhode Island has special challenges in passing their ...

State budget woes to hit consumers - Credit.com News
Tax hikes and budget woes: States crunched - CNNMoney.com
News roundup: Budget battles coast-to-coast - USA Today

Budget Vetoes Leave Ariz.'s Fiscal Woes Unresolved -Northern Arizona Today - Paul Davenport, Jonathan J. Cooper
Jan Brewer avoided a shutdown of state government Wednesday by signing a budget bill from the Legislature, but her vetoes of other spending proposals leave ...

Discussion: How would you solve AZ budget woes? - KVOA.com
Many states facing budget woes - Huntington Herald Dispatch

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