I keep hearing that California "may have to start paying bills with IOUs." A friend who lives there sent me to the state Controller's office that explains a little about how the IOUs work and what "may" means. Basically, after tomorrow, people who are not receiving SS or unemployment checks, may get an IOU from the state that can not be redeemed until after Oct 1st (and then, only if the state has the money to pay). Any wagers on whether the state will be able to pay after Oct 1st?