On Tuesday July 26, 2011, California Treasurer Bill Lockyer took out $5.4 billion in short terms loans to cover the states bills in hopes of averting a fallout if Congress fails to raise the country's borrowing limit by the August 2, 2011 deadline.
If the deadline is missed, the federal governments' prioritizing of debt payments and obligations may leave health programs such as Medicare and other services with a lack of funding.
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