California may need emergency $7 billion loan: report

California may need emergency $7 billion loan: report

www.reuters.com

(Reuters) - California may need an emergency loan of up to $7 billion from the federal government within weeks, the Los Angeles Times on Friday quoted Gov. Arnold Schwarzenegger as saying in a letter to U.S. Treasury Secretary Henry Paulson.

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So, could this mean that part of this bailout package that Bush/Paulson are pushing through congress will go to states in the US are in trouble?

Still, one has to wonder if California will get a portion of people's tax revenue. When most will go buying up the "troubled" assets of foreign banks, according to Rep. Brad Sherman (Dem- California)



www.reuters.com
(visit the link for the full news article)