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Approved! State of Arizona Gets $700 Million Loan Just to Keep Lights On

Remember when banks were lending money to people that had no means of paying it back and the entire economy came crashing down?

The Bank of America apparently has no memory of this because it just approved a $700 million loan to the Arizona state government, which happens to already be about $2 billion in the hole.

For the first time since the Great Depression, the state of Arizona will require an external loan to merely remain operational.

Treasurer Dean Martin, who seems to be one of few state officials with any sense of fiscal management, warned legislators back in August that if they didn't pass a budget soon, the state would be literally out of money.

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As we know, they didn't listen. As a result, the state is now broke.

"I don't have a choice," Martin tells CBS 5 (KPHO). "I would prefer them to balance the budget so we don't have to do this. The alternative to not doing this is literally no one gets paid, and you have a complete government shut down."

Here's a thought: Maybe if "no one" in the Legislature "gets paid," they might have a little more pressure do their job and "balance the budget." 

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