WASHINGTON, June 16 (UPI) -- The Obama administration has turned down California's request for federal help in closing the state's yawning budget gap, sources say.
Quoting an unnamed administration official, The Washington Post reported Tuesday that U.S. Treasury Secretary Timothy Geithner and White House economists Lawrence Summers and Christina Romer have refused to consider a federal bailout for the state, which is facing a $24 billion budget deficit and is approaching what state officials call a "fiscal meltdown."