Getting your player ready...
California might delay tax refunds to more than 10 million taxpayers or even issue IOUs because the state is running out of money, authorities warned Wednesday.
The state has a $41.6 billion deficit, and finance officials project the state will run out of cash in late February. The state controller will make a decision about the refunds by Feb. 1.
Meanwhile, the University of California regents voted Wednesday to trim freshman enrollment next fall by 2,300 students, about 6 percent, as a response to lower state funding. The regents also unanimously approved a freeze on salaries to 285 top administrators and to end bonuses for them and other employees.
