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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Schwarzengger Says State Will Run Out of Cash in Weeks Unless Deep Cuts are Made

Schwarzengger Says State Will Run Out of Cash in Weeks Unless Deep Cuts are Made


Governor Schwarzenegger tells the joint sesssion of the Legislature that cuts are needed now to fend off state insolvency. The state normally borrows short term money in July as part of its normal cash flow plan, even in flush years. This year however, the bond houses have signaled they will not give California any bridge loans unless deep cuts are made first giving California a cleaner balance sheet.

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