alifornia may need up to $7 billion loan: report

NEW YORK (MarketWatch) — California Gov. Arnold Schwarzenegger said that California may need up to $7 billion in emergency funding from the federal government as the state is almost running out of cash to pay for daily government operations, according to a report Friday in the Los Angeles Times. In an email obtained by the newspaper, Schwarzenegger wrote: “Absent a clear resolution to this financial crisis, 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.”

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Technorati Tags: Arnold Schwarzenegger, California Gov, Email, Federal Government, Federal Treasury, Financial Crisis, Government Operations, Loan Report, Los Angeles Times, Marketwatch, Necessary Level, Short Term Financing