Article I Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
They have floated the idea time and again as their situation began to fall apart. Lets be honest they only thing separating these clowns from the Democrats in Congress is their inability to print money like its going out of fashion. The meltdown continues and the Democrats in charge there have decided to ignore reality and prevent the cuts needs to save their state.
NEW YORK (Dow Jones)--With a new fiscal year about to begin next Wednesday, and hamstrung by a still-unbalanced budget and a continuing cash shortage, California State Controller John Chiang said he will have to issue IOUs starting July 2 if immediate solutions aren't quickly adopted.
The IOUs, which would carry a still unspecified interest rate, would be issued for all general fund payments other than those categories protected by the state constitution, federal law and court decisions.
Affected by issuance of what are technically called "registered warrants" would be payments to local governments for social services, private contractors, state vendors, income and corporate tax refunds and payments for state operations including legislative per diems, Chiang said in a press release.
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