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Schwarzenegger Rules Out Short-Term Borrowing

Sacramento, CA — Governor Schwarzenegger says he will not agree to short-term borrowing as a way to pay the state’s bills.

Schwarzenegger told the Associated Press that he “will not under any circumstances” sign a borrowing request to keep money flowing to state services until lawmakers agree on how to reduce the $24.3 billion shortfall.

The State Controller says California will run out of money by the end of July. Schwarzenegger says California government will come to a “standstill” unless lawmakers act quickly to reach a compromise.