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Posted AT 9:00 AM EST on 03/10/08

California may need emergency loan, report says

Reuters

California may need an emergency loan of up to $7-billion (U.S.) 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. In the letter dated Oct. 2, Mr. Schwarzenegger called for the passage of the $700-billion financial industry bailout plan, which the U.S. House of Representatives is expected to vote on on Friday, the Times said.

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