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State borrows $700M; first external loan since Great Depression (access required)

The State Loan Commission has approved a $700 million line of credit from Bank of America, marking the first external borrowing the state has done since the Great Depression. State Treasurer Dean Martin said his office will finalize the agreement with Bank of America next week and will begin issuing treasurer's warrants by the end of November.

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Special session kicks off, but most work slated for Thursday (access required)

Lawmakers officially kicked off the fourth special session of the year - the second devoted to the fiscal 2010 budget - with an uneventful gathering at the state Capitol on Nov. 17. The work on taking a small bite out of the state's $2 billion budget deficit will take place on Nov. 19, when House and Senate budget committees are expected to meet.

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Budget insiders see worse ahead in Calif., Mich.

Two of the states hit hardest by the Great Recession-California and Michigan-are bracing for an even tougher time making ends meet next year, putting big spending cuts or outright elimination of some services on the table, top budget officials from both states said Nov. 13.

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