08/18/2010 05:57 pm ET Updated May 25, 2011

California IOUs: State Controller Says IOUs Could Be Issued In 2 Weeks

State Controller John Chiang said California was only "two to four weeks" away from issuing IOUs for the second consecutive year as the state budget is now more than a month and a half overdue.

Chiang, speaking at the Sacramento Press Club, called the crisis "100% avoidable" and hoped not to revisit what he called "a shameful chapter of California history."

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