Citibank extends deadline to accept California IOUs |

Citibank extends deadline to accept California IOUs

SACRAMENTO, Calif. and#8212; Citibank says it will continue accepting California IOUs for another week.

It announced Friday that it was extending the deadline to July 24 after previously saying it planned to stop accepting the state’s registered warrants.

The move gives individuals and businesses receiving the IOUs more time to cash them as Gov. Arnold Schwarzenegger and lawmakers try to break an impasse on the state’s $26.3 billion shortfall. California began printing IOUs earlier this month to conserve cash, sending them to thousands of state contractors and vendors.

Friday also marked the second of three furlough days this month, keeping most state offices closed.

Meanwhile, a state children’s health insurance program was scheduled to stop enrolling new clients. It would be the first time the Healthy Families program has done so since it started in 1997.

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