Lockyer warns Geithner CA schools may open late

SACRAMENTO, CA

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"California schools may not open in September. That's how serious the current financial situation is. If they open, it will be with a couple of weeks shorter school year than we currently have," says Treasurer Lockyer.

The office of the state schools superintendent stressed that schools will open in the fall, but with a bare bones budget.

Two days ago, Lockyer sent a letter to Treasury Secretary Timothy Geithner, asking for the government to use bailout money to guarantee California's loans.

That would make it easier and cheaper for the state to get about $6 billion in loans it needs to stay afloat.

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