One of the first registered warrants is seen after printing at the Controller's office in Sacramento, Calif. , Thursday, July 2, 2009. The reason for the IOUs is California's $26.3 billion deficit. Lawmakers have not been able to agree on a balanced budget by cutting spending, raising taxes or both. AP Photo logo AP Photo 32 months ago

One of the first registered warrants is seen after printing at the Controller's office in Sacramento, Calif. , Thursday, July 2, 2009. The reason for the IOUs is California's $26.3 billion deficit. Lawmakers have not been able to agree on a balanced budget by cutting spending, raising taxes or both.

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