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 4 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.