Courage Campaign releases "Arnoldbucks" video and downloadable IOUs

Starting today, State Controller John Chiang will delay sending $2 billion in state tax refund checks, payments to contractors and disbursements to counties and agencies that provide social services because of a $41.6 billion budget deficit and a multi-million dollar cash shortfall. Can Arnoldbucks — IOUs — be far behind?

Check out the “Arnoldbucks” video and downloadable mock IOUs released by the Courage Campaign Issues Committee:

http://www.couragecampaign.org/Arnoldbucks

PRESS RELEASE

FOR IMMEDIATE RELEASE

February 2, 2008

Courage Campaign releases “Arnoldbucks” video and downloadable IOUs

LOS ANGELES — Blasting Governor Arnold Schwarzenegger’s budget failures that have resulted in the state suspending billions in payments, the Courage Campaign Issues Committee today released an online video to illustrate how Californians will struggle with the absurdity of “Arnoldbucks” — the IOUs the state may be forced to issue due to Arnold’s lack of leadership.

“Arnold has become a counterfeit governor. California faces financial ‘Armageddon,’ as Schwarzenegger bluntly stated a few weeks ago. And yet Arnold and his fellow Republicans are using the ridiculous 2/3 rule to reject compromises by Democrats to rescue our state from a catastrophic budget crisis, unparalleled in the history of California,” said Rick Jacobs, founder and chair of the 400,000 member Courage Campaign. “As a result, Californians are going to be getting IOUs — Arnoldbucks — in the mail instead of tax refunds or financial aid checks, starting next week.”

The video asks Californians what they will do with their Arnoldbucks if the state is forced to issue IOUs as early as next week.

You can watch “Arnoldbucks” and then download “Arnoldbucks” IOUs at:

http://www.couragecampaign.org/Arnoldbucks

According to the state’s chief fiscal officer, California will soon be forced to issue IOUs as it faces a $41.6 billion deficit over the next year-and-a-half. Lacking cash, the state will suspend payment on nearly $2 billion in tax refunds, $13 million in grants for college students and $300 million in cash grants for the elderly, blind and disabled starting February 1.

State Controller John Chiang said last week the suspended payments could be rolled into IOUs if California still lacks sufficient cash to pay its bills come March or April.

“Arnold owes us. The governor’s failure to deliver even one vote from a small cabal of obstructionist Republicans will literally cost Californians billions,” added Jacobs.

“Arnoldbucks” is the latest in series of online videos the Courage Campaign has produced. Last December, the group released “A California Carol,” where Gov. Schwarzenegger is visited by the ghosts of Golden State’s past, present and future in an attempt to teach the meaning of “The California Dream” to the governor.

“A California Carol” can be viewed at:

http://www.couragecampaign.org/CaliforniaCarol