California Department of Finance Director Michael Genest enters a news conference in San Francisco, California July 3, 2009. State officials have begun issuing billions of dollars in IOUs to avoid a cash crisis, after lawmakers failed to balance the budget by the start of the state's new fiscal year on Wednesday, leaving a $26.3 billion deficit. Reuters Pictures 4 months ago

California Department of Finance Director Michael Genest enters a news conference in San Francisco, California July 3, 2009. State officials have begun issuing billions of dollars in IOUs to avoid a cash crisis, after lawmakers failed to balance the budget by the start of the state's new fiscal year on Wednesday, leaving a $26.3 billion deficit.

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