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The state of California will begin to issue IOU's to its creditors in response to it's current deficit and the lack of consensus between the Democrats in legislature and the Republican governor on how to resolve a funding gap.
The legislature wants to pass the cost to the consumer by hiking taxes and fees. The Governor says he prefers an approach that solves the crisis by working within the budget alloted without raising taxes. If they fail to come to any agreement before the 30th of this month creditors, students, families will be receiving these slips.
My only response is; Will they be willing to accept an IOU from those who also owe them like those families struggling to keep up?