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Spokesman for the White House Robert Gibbs said the Obama administration keeps an eye on California misfortunes. State officials have offered to assist the U.S. government with financial support or guarantee of state debt We have put in place since May on the assumption that there will be no help coming, "said Tom Dresslar Lockyer…. the spokesman.” we do not ask for a bailout. We wanted the federal government to intervene and provide support for borrowing our cash-flow. Meanwhile, the credit rating agencies Wall Street triggered the budget lack. Fitch lowered its rating on California general obligation, debt one notch to A-minus, last week, the four notches on top of speculation, or "junk" status, and makes the lowest rating of any state Fitch also warned of further declines, as Standard & Poor's has warned against possible declines in the general obligation debt California. Moody's said the state could see a deterioration of its multinotch note A2. Moody d...

The gob Of California Arnold Schwarzenegger declared an emergency to the force law makers into a session to handle a state budget gap. This had widened to $26.3 billion from $24.3 billion as they were unable to close it on Tuesday. Lawmakers had a debate till midnight on Tuesday but they were unable to come to a conclusion for balancing California’s budget for the new fiscal year. The notes from the first time in 17 years, the most populous U.S. state of government to the extent unusual and spectacular - and followed warnings from Wall Street that the state's credit rating to be lowered in May, that would increase borrowing costs. Although the legislature did not solve our budget problem, yesterday, rest assured that the resolution of the overall deficit remains my first priority, and until I did it, I will not take rest. As per Schwarzenegger he will not be the part of this crisis on the road - the road ends here. While California legislators grappling with delays of nearly ...