DALLAS - Arizona is spending money faster than its revenues are coming in, Treasurer Dean Martin said Monday, requiring the state to borrow money on a short-term basis for the first time since World War II.

Martin said the state will exhaust its financial resources in the next 60 to 90 days, and will need to borrow up to $5.7 billion over the next 100 days to pay its bills. The state's fund balance could be negative $50 million as early as Feb. 23, he said, and the $130 million budget stabilization fund could run dry by March.

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