California Treasurer Says States Need TARP Money

CNBC reports:

The California state treasurer called Wednesday on U.S. Treasury Secretary Timothy Geithner to extend debt guarantees through the Troubled Asset Relief Program to financially strapped states and local governments facing declining revenues.

In a letter to Geithner, Bill Lockyer said essential public services could suffer "devastating impacts" unless states and local governments are able to borrow short-term funds as they normally do amid recession.

California wants U.S. taxpayers to help pay California prison guards $100,000 a year.