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Fiscal Year Ends, With No Budget Insight

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SACRAMENTO (AP) - Today is the end of California's fiscal year and the final day for state lawmakers to reach a deal on closing a $24 billion budget deficit before it will begin draining its treasury.

IOUs will be issued as soon as Thursday to state contractors, welfare recipients, college students expecting grants, the aged and disabled.

IOUs will likely be issued for the first time since the 1990s.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Story Created: Jun 30, 2009 at 11:28 AM PST

Story Updated: Jun 30, 2009 at 8:35 PM PST

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