State of Arizona holds IOUs totaling billions of dollarsPosted: Updated:
PHOENIX - Two-hundred IOUs is what state treasurer Dean Martin said Arizona has written this fiscal year alone totaling $86 billion.
Martin said the state is writing checks it doesn't have the money for.
He says that money is going to run out pretty soon and either the state needs to bring in more revenue or cut more spending.
Martin says his preference would be an across the board spending reduction.
He's hoping Proposition 100, which would increase the state sales tax by one-percent, fails.
Also at the press conference Martin held on Thursday,he said if he were governor he would deploy National Guard troops to Arizona's
border with Mexico.
He says a deployment would require thousands of troops and would be expensive, but he says the state would save money in the long
run with lower costs for state services.
Martin is challenging Gov. Jan Brewer in this year's Republican primary for her seat.
(The Associated Press contributed to this report.)