It was a war of words between Gov. Janet Napolitano and State Treasurer Dean Martin during a Jan. 8 meeting of the state Loan Commission — a three-member group made up of the treasurer, governor and director of the Department of Administration. The commission hasn’t met in decades but was convened by the treasurer to set a maximum interest rate the state would pay in case must borrow money to cover cashflow.

Martin has announced he believes the state’s cash reserves will run out in mid-March if the state’s budget issues aren’t corrected soon.

Napolitano said the meeting was premature because legislature has not even had a chance to act nor has the federal government been able to act on an economic stimulus plan that could help states.

Martin said he was planning for a worst-case scenario.

As tempers were raised during the 20-minute meeting, Napolitano and Martin talked over each other and the issue of setting interest rate was table.