On Wednesday morning, the start of the new fiscal year, lawmakers in California were unable to agree on a balanced budget. The result is that vendors and local agencies will receive IOUs from the state's government instead of checks for the money owed.
The disagreement that resulted in the rare decision of IOUs occurred because Republicans would not give into Democrats plans to close a gap of $24.3 billion between spending and income.
This year California has experienced its worst loss in revenues from personal income taxes since the Great Depression and thus, the state risks running out of money later this month.
Hopefully the state's government will be able to agree on a course of action to balance their expenses. If not, Californians will be getting chummy with IOUs.
Read more here.
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