RSS Feed
Boston - 'America in Crisis' Massachusetts Also Asking for Federal Loans Amid Market Worries |
Sponsored By:
|
Text Size
|
Treasurer Timothy Cahill's requests to the U.S. Treasury and Federal Reserve Bank of Boston were prompted by the state's inability to borrow from the short-term debt markets. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates.
As was reported last week on VIN News, California has made a similar request, saying it would run out of money by the end of the month if the short-term debt markets do not ease. The state asked whether it could not obtain loans from the Fed.
Massachusetts has enough money to cover its expenses for the coming weeks, Cahill said. But a low-rate loan would ease a cash shortfall if the credit problems persist.
Federal officials have not responded to his request, Cahill said.
The state's borrowing problems come as it deals with a $223 million shortfall in projected tax collections during the first quarter of the state's fiscal year. On Thursday, Gov. Deval Patrick announced the first of what could be a series of cuts to programs and operations to deal with the sagging collections.
Total7
Read Comments (7) — Post Yours »
1
Oct 06, 2008 at 02:29 PM mad bostonion Says:
what do you know, anyone could have seen this from a mile a state ran by a bunch of stupid liberals and a black governor, this is exactly what will happen to the entire US if you let the liberals take over the country, just for your info the previous governor of Massachusetts was mit romney who ran this state like his own business and massachusetts was doing real well now look.(and this whole problem is not that patrick did so much so there is no money it is b/c he didnt do anything so the money just ran out)
2
Oct 06, 2008 at 03:02 PM Brit Says:
Just keep electing idiots like Barney Frank
And to California just keep on electing the dianne feinsteins and barbra boxers of the world
3
Oct 06, 2008 at 03:28 PM TRS Says:
My darling Englishman, Dianne Feinstein and Barbra Boxer have as much to do with California's budget woes as John Mccain or Norm Coleman. They are all Senators in Washington. Please, before commenting on American politics, learn a little about American politics.
4
Oct 06, 2008 at 04:36 PM Let them fall Says:
Interesting it's liberal states that are falling, I guess tax and spend is coming home to roost.
5
Oct 06, 2008 at 06:57 PM Yankel Fraser Says:
Dont give them a dime,,let them feel what it means to be poor...I live a poor life because i dont want to steal.
6
Oct 06, 2008 at 07:43 PM Brit Says:
“ My darling Englishman, Dianne Feinstein and Barbra Boxer have as much to do with California's budget woes as John Mccain or Norm Coleman. They are all Senators in Washington. Please, before commenting on American politics, learn a little about American politics. ”
If they elect those TYPE of people to the US senate can you imagine what bozo's they sent to the State senate????!!! i guess we can still blame it on Gray Davis because swarzenegger is a fiscal republican......
7
Oct 06, 2008 at 08:35 PM Mark Levin Says:
Shoyn, now we get to bail out a lib state?!?!