The definition of hold over that you need here is to keep longer than expected . If the state cannot continue to pay its employees because of budget problems, the employees are in effect, unemployed. They cannot be expected to continue to report to work.
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akdom"If the i.o.u.'s are issued as threated, it would be the first time since 1992 -- when Gov. Pete Wilson paid roughly 100,000 state employees with them -- that the warrants were used to hold over those to whom the state owed money. "