Schwarzenegger To U.S. Congress, Give Me The Money - NOW!
LATimes
Schwarzenegger to U.S.: State may need $7-billion loan
In a letter obtained by the L.A. Times, the governor warns that tight credit has dried up funds California routinely relies on and it may have to seek emergency aid within weeks.
SACRAMENTO — 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.
Our economy can be described by many metaphors, such as watching falling dominoes, the perfect storm etc.
Said Matt David, Schwarzenegger’s communications director: “California faces the potential of a perfect storm created by the financial crisis’ effect on liquidity, lower-than-anticipated revenues currently coming into the state, and our late budget. The governor is taking steps to prepare for this scenario to ensure that the state can make critical payments.”
And it seems that no state is immune to what Congress has brought upon our country.
Plans by several state and local governments to borrow in recent days have been upended by the credit freeze. New Mexico was forced to put off a $500-million bond sale, Massachusetts had to pull the plug halfway into a $400-million offering, and Maine is considering canceling road projects that were to be funded with bonds.
But Not The Guy Below
Comment by Christine Helrigel on 4 October 2008:
Now would be an excellent time to give some reality therapy to the liberals of California. They have not allowed housing to be built, so home prices have risen beyond the cost of mars. They have raised taxes so high that businesses have been driven out of the state. Time for the Hollywood big mouths to donate 70% of THEIR salaries to get their state out of trouble. Why should the rest of us do it? NO MONEY for CALEEFORNIA. Much as I like you, Arnold, it’s time for tough love. Let those loser celebrities who keep lecturing us on who to vote for pay their own way out of this. You all have the most beautiful, natural resource filled state in the country. Your vote sways national elections. Tighten your belt and pay your way out of your own mess, your stupid socialist tax policies created this bed, now lie in it.