California's IOU Budget Crisis of 2009 - Part 1

California began having budget problems as early as 2007. The financial crisis of 2008 worsened the problem. The state postponed payments of some obligations in winter 2009 but a budget deal in February 2009 temporarily ended that episode. However, the deal involved various ballot propositions put to voters in May 2009. All of the significant propositions were rejected. Meanwhile, revenue declines continued. By summer 2009, the state began issuing IOUs (registered warrants) for various bills and obligations. This video shows excerpts from that episode. This is Part 1. The video continues in Part 2.

Category:

News & Politics

Tags:

• California
• budget
• IOU
• Schwarzenegger