SAN FRANCISCO — California is working on a $5 billion bridge loan from banks to avoid the potential market chaos that could be caused by a possible U.S. government default due to political gridlock over the nation’s debt limit.

The state is trying to secure the interim loan from a group of banks before Aug. 2, the deadline for the U.S. Congress to raise the debt limit before a default. The loan would temporarily replace a revenue anticipation note sale of the same amount that had been scheduled for late summer, according to Tom Dresslar, a spokesman for California Treasurer Bill Lockyer. 

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