Schwarzenegger Warns Paulson That California May Need $7B Loan
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The LA Times is reporting that California Governor Arnold Schwarzenegger sent an email to Treasury Secretary Henry Paulson Thursday night saying that his state may need an emergency loan of $7 billion from the US government.
According to sources, California is nearly out of cash to fund day-to-day government operations and is having trouble accessing short-term loans which are normally easy to receive. Governor Schwarzeneggar's aides have said that if the state continues to have issues accessing routine loans, funding to schools and other government entities will be halted and state employees will be laid-off.
According to sources, California is nearly out of cash to fund day-to-day government operations and is having trouble accessing short-term loans which are normally easy to receive. Governor Schwarzeneggar's aides have said that if the state continues to have issues accessing routine loans, funding to schools and other government entities will be halted and state employees will be laid-off.
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