Banks to California: No more IOUs

Thursday, July 9, 2009

California has issued about $3 billion worth of IOUs this month. But starting tomorrow, many financial institutions, like JP Morgan Chase and Bank of America, say they're going to stop accepting them. Dan Grech reports.

California Gov. Arnold Schwarzenegger talks to reporters near the U.S. Capitol in Washington, D.C. about his state's budget cuts. (Mark Wilson/Getty Images)

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