California left with no option but to issue IOU's
California state resorts to issuing IOU's after the governor and lawmakers failed to reach a budget agreement on ways to tackle the $24.3 billion budget deficit. This is the first time in 17 years that the state was forced to take such an unusual measure.

No reasons found to charge Ruth Madoff
Fedeal investigators today concluded that they found no evidence that Ruth Madoff either participated or knew about her swindler - husband's fraud. The New York Post and the Wall Street Journal each cited two sources familiar with the probe as saying federal investigators did not have evidence of involvement by 68-year-old Ruth Madoff in the multibillion-dollar, decades-long fraud.

473,000 Jobs shed in the private sector
Layoffs for the month of June exceeded the expected 400,000 forecast amount with 473,000 private-sector employees losing their jobs in June according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.

California