Arizona could run out of money and credit by early next year

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PHOENIX - New numbers from the Arizona state treasurer show the state has written 200 IOU’s already this fiscal year, totaling $86 billion.

Treasurer Dean Martin, who is also running for governor, says the state is writing checks it does not have the money for.

He also says that, pretty soon, that money is going to run out and either the state needs to bring in more revenue or it needs to cut more spending.

Martin says his preference would be an across-the-board spending reduction. He says he is hoping Proposition 100, which would increase the state sales tax by 1 percent, fails.