Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

Anyone Have $7 Billion? California Needs it Now

Stories like these are only possible with your help!
Your donation today keeps LAist independent, ready to meet the needs of our city, and paywall free. Thank you for your partnership, we can't do this without you.
5b2c577b4488b3000927f1ac-original.jpg

The credit crunch is hitting the state, the LA Times via a letter they obtained addressed to Treasury Secretary Henry M. Paulson from Gov. Arnold Schwarzenegger. "The state of California is the biggest of several governments nationwide that are being locked out of the bond market by the global credit crunch. If the state is unable to access the cash, administration officials say, payments to schools and other government entities could quickly be suspended and state employees could be laid off," the Times Reported.