California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said...Who's gonna buy that debt? Obviously, people that expect a bailout of California. They also have to expect not to be treated like GM's bondholders. Do any of those people have money left?
The budget news comes as the most populous U.S. state prepares to sell as much as $15 billion of bonds...
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