Lofgren: California Can’t Meet Payroll Unless We Act
One question of bailout skeptics has been how the credit crisis affected everyday Americans. Rep. Zoe Lofgren (D-Calif.) just tried to answer that.
California is having problems raising the $7 billion it needs to pay state employees this month because of the tight credit, Lofgren noted. Gov. Arnold Schwarzenegger (R-Calif.) on Friday brought up the prospect of asking the federal government for an emergency loan.
Lofgren suggested that passing the bailout could help California.
“The state of California, the eighth-largest economy in the world, will not be able to meet payroll unless we take action to unfreeze these credit markets,” Lofgren said
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