South Bay Rep. Jane Harman was on Fox News last night, prior to the Senate vote on the Wall Street She also sounded the alarm about the impact of the credit crisis on state and local government.By the way, I just heard that Senator McCain may not deliver remarks on the Senate floor. I find that astounding. This is the critical vote of this term of Congress, and he is AWOL. I don't understand it.
Indeed because the state runs on borrowed money until tax revenues come in, things could go south in a hurry if the state can't sell some bonds. Better explanation here.The treasurer of California has said we are going to run out of money by the end of the month and we will not be able to pay nurses, teachers, firefighters, law enforcement. 5,000 counties and cities and school districts in California will have no money to pay anyone. Millions of people, as you have heard, if the unemployment rate goes up to 8 percent..

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