Here’s the latest blog from California policy circles – the California Budget Project: http://californiabudgetbites.org/
In the early 1990s when I was a capitol staffer, we received IOUs when the state wne over budget. The good news was that Golden State Credit Union would accept the IOU slips as cash. Otherwise, I would have gone from Top Ramen to condiment sandwiches. This year, the consequences are much higher.