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Rejected once amid public fury about bailing out reckless financiers, a $700 billion rescue package is getting a second chance in the House as voters anxiously ponder an economic meltdown that could wipe out their ability to borrow, plunder their savings and put them out of work. Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote — a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge.
California may need an emergency loan of up to $7 billion from the federal government within weeks, the Los Angeles Times on Friday quoted Gov. Arnold Schwarzenegger as saying in a letter to U.S. Treasury Secretary Henry Paulson.
In the letter dated Oct. 2, Schwarzenegger called for the passage of the $700 billion financial industry bailout plan which the U.S. House of Representatives is expected to vote on on Friday, the Times said.
"Absent a clear resolution to this financial crisis, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing," Schwarzenegger wrote in the letter, according to the paper.
A top Schwarzenegger aide followed up the letter with a call to the Treasury secretary on Thursday night, the paper said.
The California governor's office and the U.S. Treasury department could not immediately be reached for comment.
Credit markets worldwide have frozen up in the two weeks since the failure of U.S. investment bank Lehman Brothers, prompting concerns that issuers will run into trouble rolling over previous loans.
In the letter, Schwarzenegger noted California's plans to issue $7 billion in revenue anticipation notes in the coming days to fund short-tern cash needs -- now put in doubt by the crisis in the credit markets.
On Wednesday, California Treasurer Bill Lockyer said the most populous U.S. state's cash reserves may be exhausted near the end of October, and various state-funded services are at risk of grinding to a halt.
He said the planned notes sale was at risk from the uncertainty gripping financial markets and the U.S. government's lack of response to it.
Lockyer, who manages the bonds of the biggest issuer of public debt in the United States, said the credit market was simply frozen because financial institutions were afraid to commit capital amid enormous uncertainty.
"The economic fallout from this national credit crisis continues to drain state tax coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time. I will continue to do all I can to encourage the passage of the emergency rescue plan," Schwarzenegger wrote
Housing bailout on track : Real Estate : The Rocky Mountain News
The Senate cleared the last hurdle Friday to passing a housing rescue aimed at sparing hundreds of thousands of homeowners from foreclosure and bolstering troubled mortgage giants ...
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Senate puts financial bailout back on track
The U.S. Senate passed a revised US$700-billion U.S. financial bailout plan Wednesday night by a vote
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Stocks rise as investors track hearing on bailout (OneNewsNow.com)
NEW YORK - Financial markets appeared somewhat more upbeat Tuesday, with stocks showing a partial rebound from a huge sell-off as top economic officials updated Congress about ...
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Housing rescue on track to pass Senate by Saturday - Yahoo! News
... 80-13 test vote showed broad support for the election-year package and put it on track to ... Republicans are vehemently opposed to the foreclosure rescue, which they call a bailout of ...
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Stocks rise as investors track hearing on bailout - Examiner.com
Stocks rise as investors track hearing on bailout, NEW YORK ... Just because times are tough, doesn't mean you can't surround yourself with leather, wood, heated seats and the ...
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Local Business Owners Have Mixed Feelings About Bailout
Hammerberg said he is disturbed by reports of tax breaks in the revised legislation that promote wool research and race track improvements. "A bailout's a bailout," Hammerberg said. "If my business needed $25,000 to continue, I'd be asking for $25,000 ...
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Source: The Ledger
NewsDateTime: 41 minutes ago
Euro Stocks Gain Ahead of Bailout Vote
European stocks rose further in late trade on Friday, up 3.3 percent, tracking sharp gains on Wall Street on hopes over the vote of the U.S. House of Representatives on the rescue plan for the ailing financial sector. The FTSEurofirst 300 index of ...
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Source: CNBC
NewsDateTime: 48 minutes ago
W.House urges swift passage of bailout
... White House affirmed its strong support for the bailout legislation, saying it would "send an important, helpful signal to markets here and abroad that the federal government will take the actions necessary to get our financial system back on track ...
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Source: Washington Post
NewsDateTime: 2 hours ago
UPDATE 1-White House urges swift passage of bailout bill
... policy, the White House affirmed its backing for the bailout, saying it would 'send an important, helpful signal to markets here and abroad that the federal government will take the actions necessary to get our financial system back on track.' The ...
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Source: Forbes
NewsDateTime: 48 minutes ago
No Objection From Obama To Bailout Bill Language That Could Harm Firms ...
Small business advocates are extremely disappointed Senator Obama did not object to Section 107 of the bailout bill. Considering the Bush Administration's well documented track record of opposing federal programs for women and minorities, it seems ...
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Source: Huffingtonpost.com
NewsDateTime: 3 hours ago
Large manufacturers have started to see their customers pull back "just in the past few weeks," due to difficulties with credit, said Daniel Meckstroth, chief economist at MAPI/Manufacturers Alliance, a research group.
The jobs and manufacturing reports disappointed Wall Street. The Dow dropped 348 points and the S&P 500 fell 47 points.
The negative economic reports could also add pressure on the Federal Reserve to cut its benchmark interest rate in an effort to bolster the economy. Many economists think the Fed could even move before its next meeting Oct. 28.
Credit markets, meanwhile, remained locked up as banks are wary of lending to each other, unsure of which might be the next to collapse.
The London Interbank Offered Rate, or LIBOR, for 3-month dollar loans rose to 4.21 percent Thursday from 4.15 percent the day before. The LIBOR is the rate many banks charge each other for overnight loans and is used as a benchmark for trillions of dollars of auto, student and other consumer loans.
Martin Regalia, chief economist for the U.S. Chamber of Commerce, said the higher short-term rates for banks make credit harder to get for everyone else.
"When you build a dam upstream, you don't get any water downstream," he said.
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