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Reuters San Francisco United States of America 7/3/2009

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Computer Operator Louie Sanchez unloads registered warrants, or IOUs, from a printer at the State Controller's office in Sacramento, California July 2, 2009. The Controller has printed over 50,000 IOUs, and those dated July 2, total over $53 million. As California marked its second day of a new fiscal year without a budget agreement, the state government moved ahead on Thursday to issue billions of dollars in "IOUs" in order to avoid a cash crisis. California faces a financial stranglehold 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/Max Whittaker (UNITED STATES POLITICS BUSINESS)

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