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With cash flow problems, state may face budget cliff early next year (access required)

Arizona faces another budgetary cliff early next year, when the State Treasurer's Office might have to issue IOUs to pay bills if $735 million expected from the sale-leaseback of state assets does not materialize. Treasurer Dean Martin told a panel of lawmakers that the state needs to have the money by the end of January to be able to make payment to schools by Feb. 1.

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