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With cash flow problems, state may face budget cliff early next year (access required)

Arizona faces another budgetary cliff early next year, when the State Treasurer's Office might have to issue IOUs to pay bills if $735 million expected from the sale-leaseback of state assets does not materialize. Treasurer Dean Martin told a panel of lawmakers that the state needs to have the money by the end of January to be able to make payment to schools by Feb. 1.

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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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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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