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Californians Are Sinking ThemselvesThe world's
eighth-largest economy has just gone belly-up. When midnight tolled on
Tuesday night with legislators and Gov. Arnold Schwarzenegger still
deadlocked over how to resolve the state's staggering $24 billion
budget shortfall, California became unable to pay its bills. The state
will have to begin issuing IOUs to its creditors as early as Thursday.
It is the worst budget crisis in the state's modern history. Posted in economic policy, government
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