Nov 18, 2009 10:34 AM
For the first time ever, Arizona needs to borrow money to pay its bills.
State Treasurer Dean Martin says the state needs to borrow $700 million to get it through revenue shortfalls until June 30.
As of Tuesday, Martin says the state went $500 million over in IOUs and needs to turn to institutional lenders. Until now, the state has been borrowing against internal accounts.
State lawmakers have been meeting this week for a special legislative session on the budget. They say the state is in dire straits.