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Mass. asks U.S. for credit aid

October 05, 2008|From the Associated Press

BOSTON — The treasurer of Massachusetts has asked the federal government about lending the state money under the same favorable terms it has given banks and firms during the financial crisis.

Treasurer Timothy P. Cahill's requests last week were prompted by the state's inability to borrow from the short-term debt markets, the Boston Globe reported Saturday. The financial turmoil has caused credit markets to stop making loans or to charge prohibitive rates.

California has made a similar request.

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