While the state needs to borrow a total of $7 billion for the fiscal year that ends June 30, California officials decided initially to try borrowing $4 billion this week given the recent Wall Street meltdown and worldwide credit crunch. Full Article at San Francisco Chronicle

LOS ANGELES, Oct. 16 (Xinhua) -- California has successfully sold 5 billion U.S. dollars of short-term bonds, ending earlier concerns that the state would run out of cash by the end of this month amid the current credit crunch, officials said... Full Article at Xinhua

California has narrowly averted a cash crisis after successfully raising $5bn in the credit markets, with most of the money coming from retail investors who answered a rallying call from Arnold Schwarze­negger. Full Article at Financial Times

SACRAMENTO — Concerns that California would run out of money later this month ended today after the state successfully sold $5 billion of short-term bonds despite troubles in the credit market. Full Article at The San Jose Mercury News

California sold $5 billion in bonds this week to shore up its cash needs through early next year, state Treasurer Bill Lockyer announced Thursday. Full Article at Sacramento Bee

California sold $US5 billion ($7.5 billion) of short-term notes to avert a cash shortage after taking record orders from individual investors this week following a sales pitch featuring Governor Arnold Schwarzenegger. Full Article at The Age

Money & Co. blog: Strong investor demand for short-term IOUs averts a cash crisis for California. Full Article at Los Angeles Times

On October 3, California Governor Arnold Schwarzenegger warned that his state might need a Federal loan of $7 billion. Full Article at Accrued Interest

The loans are crucial for California, which was expected to run out of cash by the end of October due in part to faltering revenues in the midst of the state's ongoing budget and fiscal crisis. Full Article at San Francisco Chronicle