SACRAMENTO, Calif. – The Golden 1 CU announced yesterday it will accept state-issued IOUs from members, which Gov. Schwarzenegger has proposed to pay state employees with as soon as this week if he cannot solve a budget impasse with lawmakers.
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The state’s largest credit union, which serves tens of thousands of state employees, has developed state budget loans with a 0% interest rate to help members affected by the budget standoff. State Controller John Chiang announced that the state could start issuing IOUs, or registered warrants. for many payments this week.
Lawmakers were meeting last night to continue to negotiate on a budget that deals with the $24 billion shortfall.
