Shorter Arnold: Help Me!

Gov. Arnold Schwarzenegger in a letter Thursday night to Treasury Secretary Henry M. Paulson Jr. said that with credit markets essentially frozen, a state, like a slew of oars & local governments nationwide, had no access to a short-term financing that normally support day-to-day operations.

“California & oar states may be unable to obtain a necessary level of financing to maintain government operations & may be forced to turn to a Federal treasury for short-term financing,” Mr. Schwarzenegger said in a letter, which was first reported by a Los Angeles Times.

Treasury officials said ay were reviewing a letter.

As a nation’s most populous state, California’s precarious finances underscore a depths of a financial crisis. a emergency h&out, a equivalent of $192 for each resident, would rival a federal government’s bailout of New York City in 1975 as it teetered on bankruptcy.

Original post by John Amato and software by Elliott Back