California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
....payments to schools and other government entities could quickly be suspended and state employees could be laid off.
"Absent a clear resolution to this financial crisis, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing," Schwarzenegger wrote in the letter, according to the paper.
When Will America wake up and realize it's best for them to lose their state jobs..... What ever happens don't bail out these wall street fat cats..... we need to stand up to teachers and Pothole fillers, and public servants.... that they are off the public tit.... These fat cats are ruining america!!!! California and a few other states have destroyed their economy and need to suffer a free market death....
Keep those phone calls going.... NO FATCAT BAILOUT. Thank god for guys like Jim Matheson.... True hero's bringing america to it's Knees
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