New Jersey Faces Possible Cash Crunch in Next Few Weeks

UPDATE:According to WSJ:

New Jersey officials have been negotiating a temporary bank loan of as much as $2.25 billion to plug a cash shortfall, according to people familiar with the matter...Terms of the loan, also known as a credit line, haven't been finalized and negotiations could fall apart, according to the people familiar with the matter...One person familiar with some proposed terms of the possible loan said the interest rate is relatively low, but it could shoot as high as 9% if the state didn't pay back the bank in six months.