Government with debts requiring very much work (9)

I believe the answer is:

laborious

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'requiring very much work' is the definition.
I can't tell whether this definition defines the answer.

'government with debts' is the wordplay.
'government with' becomes 'labor' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'debts' becomes 'IOUs' (promises to pay debts).
'labor'+'ious'='LABORIOUS'

Can you help me to learn more?

(Other definitions for laborious that I've seen before include "Strenuous" , "Tedious" , "Gruelling" , "Using much time and effort" , "Arduous" .)

I've seen this clue in the Sydney Morning Herald.

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