Schwarzenegger To U.S.: California May Need $7-Billion Loan

The Los Angeles Times:

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.

Read the whole story: The Los Angeles Times

Comments

[surfcitysteven]

I thought now that Cowliphonya was being run by a Republican, they could avoid this kind of thing.

[Brainspore]

Democrats = Tax and Spend
Republicans = Borrow and Spend

[schatsie]

Democrats, tax, spend, balance the budget.
Republicans: NO BID, NO WMD, No infrastructure, No education, bring on the bananas....

[AnAverageAmerican]

Everybody is trying to get a piece of OUR money. This is BS! The rich just keep getting richer. This is BS! Where is all this money coming from? We're borrowing money to pay for Iraq and Afghanistan. We keep borrowing money and the world is going to own us! THIS IS BULLSHIT!

Peace.

Obama/Biden/We the People 08

[Debanne]

California is on it's own, that is the Republican way, unless you're Wall Street. It seems like the Republicans are doing everything they can to spend, spend before the election. What does that tell ya? (wink,wink) Now comes the immigration nightmare. Let's blame the Democrats, they control everything, no they don't. That's a job for McCain/Palin. (sorry for being all over the place, I must have caught the Palin virus.)

[BowlingForRevenge]

Ah-nald needs to dip into his own bank account and pony upl

He was in cahoots with the energy companies, including ENRON, that raped his state financially!

The taxpayers owe him NADA!

[schatsie]

that is correct, my understanding is that ENRON, Now located in Switzerland, the land of secret bank accounts benefitted to the tune of 54 billion dollars... (that before Enron, utility bills totalled 6 billion, ENRON took 60 billion for 50% less utilization.... AND THEY MAY HAVE collected SALES TAXES that they kept.....don't know about that, but it would not surprise me...

Yes ARNOLD, ENRON can bail you out!!!

[TrueIndy08]

ARNOLD had been ATROCIOUS for our state.... PERIOD!!! He came flying in off the movie set claiming to be the savior after the recall of Gov Gray Davis.... some job he has done... actually made things worse!!!

He put all state employees on FEDERAL MINIMUM WAGE... until this budget fiasco gets solved.... my mother in law has been a state employee for the past 30 years.... imagine holding the salary you hold, handling a mortgage... car payments.... groceries... utilities... etc.. and being knocked down to $655 an hour... when the teenagers at McDonalds are making state minimum wage at $8.50.... DISGUSTING!!!

Schools always the first to get slashed.... we are failing our kids....

Please, we need a new GOVERNOR.... why can't we get someone like Sebelius???

[BowlingForRevenge]

So Ah -nald is acting like the teacher who doesn't know how to discipline the class so he punishes them all.
That's a LAZY teacher.

[americanwhocares]

Kind of reminds me of another "actor" who pretended to know what he was doing. RONALD REAGAN. Americans are so gullible.

[Gasparilla]

Schools are a large expense. Immigrants have larger families and therefore more schools have to be built and staffed. It's a simple fact.

[TrueIndy08]

I teach at a high school and I concur with exactly what you have said!!! Its the school I graduated from....

when I went there, we had about 2200 kids.... mostly white, then broken up in minority groups....

NOW.... the school has 3600 kids... (built for 2500) and its mostly latino!

I have no problem with the demographics... but the fact remains that they are having more and more kids... and our schools are completely overcrowded.... I love my kids... and I know bc there are too many students in each classroom... some of them are suffering!

[Gasparilla]

It's not just schools either. The more our population grows, the more we have to spend on highways, utilities and all the other infrastructure costs. Those things are hugely expensive. California is also fighting with several other western states for water from the Colorado River. There' s not enough to go around now, and immigration-spurred population growth is making it worse. Traffic in Los Angeles is at rush hour levels from early in the morning until late at night. Why we want to encourage more people and why environmental groups like the Sierra Club say nothing about it is hard to understand.

[NobodysPoodle]

Hey man, can you spare a billion?

[larry278]

How about selling Ca, everything the USA had stolen from Mejico, Alaska & what Jefferson bought in what is known as the Louisiana Purchase to private interests with a lease back deal for the USA to avoid floating bonds now?

[artistgirl]

Ah-nawd could just make another movie and loan the state the money himself!

[Mapatty]

Every taxpayer in the state of CA help pay for the bridge to nowhere in Alaska, while they give a tax rebate of $2100 to all of their citizens. CA should ask for their share of tax dollars back from Palin.

[Maxwell511]

Yes, Palin says she said "Thanks but no thanks" to the bridge to nowhere and "If we want to build a bridge we'll pay for it ourselves". Yet federal money continues to build the bridge to Wasilla (slightly bigger nowhere). Put your money where your mouth is Palin, and use your state tax payoff to build your own bridge rather than having us pay for it. If California got even 95% back on our federal tax dollars, we could afford to fix most of our problems. As it is, several red states, especially Alaska, suck up California's federal tax dollars, and give our money back to their people as a tax payoff. Look it up, and you can see who pays more in federal taxes and who sops them up.

[torrrep]

All of the money you liberals talk about being spent on Iraq is borrowed money. It is not money we have laying around in a rainy day fund. So even if the war ended today not one dime would be available for anything else.

[YellerDawg]

So let's keep dancing. Let's break out the booze and have a ball. If that's all there is.

[Big0725]

So we might as well stay in Iraq, right? If we aren't spending OUR money, who cares?

Fu*king neo-con neanderthal!

[torrrep]

Wow. Big man behind the computer screen calling names. Grow up.

[NobodysPoodle]

So if your bleeding severely you should do nothing to stop it?

[TruepatriotinRI]

I could use a couple of bucks myself. I promise not to use it all to pay bills, I'll help stimulate the economy with a trip to Taco Bell!

[kimmie69]

But, you need to learn Spanish first.

[torrrep]

Don't get me wrong. I am no fan of Arnold. But the fact of the matter is that the California legislature has been dominated by Democrats for decades. These Democrats are the ones passing these spending bills. Yes, Arnold signs them, and I hold him just as responsible. But this is a Democrat problem. The Democrats are in the pockets of every major union from the Teacher's union, to the Hotel workers union, to the Longshore unions. I would also add that maybe someone should take a look at Michigan. No Republican has led the city of Detroit in decades. How is that working out for them?

[kimmie69]

Very well in Detroit, thank you. The worse it gets, the more programs they can put in place. It's good for dem business, really!

[ResistanceisFutile]

Lets just print a hundred trillion dollars and pass it out to everyone. I'd love to pay my mortgage back with deflated dollars. This bailout is setting a bad precedent. all of the hogs will belly up to the trough.
Just look at the pork in the bail out bill.

[kimmie69]

Yeah, but you will be able to get your wooden arrow!