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“Calif. officials warn financial doom is near”
by AP   
June 25th, 2009

They say state will run out of cash unless lawmakers pass balanced budget

SACRAMENTO, Calif. - To hear Gov. Arnold Schwarzenegger and state finance officials tell it, July 28 is California's last stand before fiscal Armageddon.

Top financial officers say that's when the state will run out of cash to pay its daily expenses unless lawmakers pass a balanced budget.

Schwarzenegger has warned that government will come to a "grinding halt." The state controller describes "a meltdown."

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