State Ready to Issue IOUs
This afternoon, printing presses in Sacramento are scheduled to roll out State of California warrants -- promises to pay creditors in October for money the state owes now. It's happened only twice before since the Great Depression.
Furloughs Spread to Ivory Towers
The California State University system has proposed furloughs for its workforce. Professors, administrators and Cal State staff are trying to figure out how they'd do 10 percent less work in an academic environment.