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State controller: IOUs in 'two to four weeks'

August 18, 2010 |  2:11 pm

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."

"The only thing standing in our way is an absence of leadership," Chiang said.

But he parried away questions about what he would do to solve the state's $19.1-billion deficit, declining to take a position on more taxes or the Democratic legislative leadership's tax-swap proposal.

-- Shane Goldmacher in Sacramento