“People have been brought to their knees, so any impact is going to have a tremendous impact in local communities. We have 12.4 percent unemployment. The last thing you want to do is to put people in jeopardy.”
Last year, Chiang was forced to issue 450-thousand IOU’s because the state didn’t have enough cash
on hand to pay its bills. He says lawmakers need to act quickly to ensure the state doesn’t end up in a similar situation this year. Democrats, Republicans and Governor Schwarzenegger are still sharply split on how to close the state’s 19 billion dollar shortfall.