California has a budget, but that doesn't mean it has enough money. State Treasurer Bill Lockyer is talking to banks to come up with a whopping $6 billion bridge loan to keep the state afloat until he can go to the market to sell $10 billion in tax-exempt notes.
But will anyone lend California money?
"There's always a great desire to partner with California," Lockyer says, especially since the state pays a premium to compensate for its low credit rating.
Lockyer explained the timeline for funding, and his outlook on a California recovery, from the Milken Institute State of the State conference at the Beverly Hilton.