PHOENIX -- The State of Arizona will be able to pay its bills for another six months, thanks to a overdraft protection from the State Loan Commission.

The protection totals $700 million. The State hasn't had to do something like this since the Great Depression.

State Treasurer Dean Martin and the state loan commission on Thursday approved the money that's coming from Bank Of America.

Arizona hasn’t had a balanced budget in three years. It's spending more than it's making and it's gone through all the reserves.

The state will tap into this loan or over draft protection right away. A big chunk will go to pay education bills on Dec. 1.

“I don't have a choice,” Martin said. “I would prefer them to balance the budget so we don't have to do this. The alternative not doing this is literally no one gets paid, and you have a complete government shut down."

Martin said the state will blow though the $700 million by June.