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Gov. Schwarzenegger says California may require $7 billion loan

2008-10-05 22:41:56 (GMT) (Caymanmama.com - Featured Government News)

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California Gov. Arnold Schwarzenegger

San Francisco, California (CaymanMama.com) — The Terminator-turned California governor Arnold Schwarzenegger told the Treasury Secretary Henry Paulson on Friday that the Sunshine State who is the most populated state in the country may need to ask the help of the federal government for some short-term financing assistance due to a lack of liquidity in California’s credit markets.

According to Reuters, Schwarzenegger’s state requires $7 billion to make up for the short-term expenses and has a plan to issue issue revenue anticipation notes for the loan.

In an October 2nd letter to Paulson, Schwarzenegger said, “Absent a clear resolution to this financial crisis that restores confidence and liquidity to the credit markets, 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.”

He added, “The economic fallout from this national credit crisis continues to drain state tax coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time.” The California Governor added that he is in support of a $700 billion emergency bailout plan due to be voted on today by the House of Representatives.



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