The Main Stream

Nov 18, 2009 10:34 AM

Arizona lawmakers say the state needs to borrow money

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.

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