Posted on 06/15/2009 11:25:40 PM PDT by Lorianne
The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy -- the state of California.
Top state officials have gone hat in hand to the administration, armed with dire warnings of a fast-approaching "fiscal meltdown" caused by a budget shortfall. Concern has grown inside the White House in recent weeks as California's fiscal condition has worsened, leading to high-level administration meetings. But federal officials are worried that a bailout of California would set off a cascade of demands from other states.
With an economy larger than Canada's or Brazil's, the state is too big to fail, California officials urge.
"This matters for the U.S., not just for California," said U.S. Rep. Zoe Lofgren, who chairs the state's Democratic congressional delegation. "I can't speak for the president, but when you've got the 8th biggest economy in the world sitting as one of your 50 states, it's hard to see how the country recovers if that state does not."
The administration is worried that California will enact massive cuts to close its deficit, estimated at $24 billion for the fiscal year that begins July 1, aggravating the state's recession and further dragging down the national economy.
After a series of meetings, Treasury Secretary Timothy F. Geithner, top White House economists Lawrence Summers and Christina Romer, and other senior officials have decided that California could hold on a little longer and should get its budget in order rather than rely on a federal bailout.
(Excerpt) Read more at washingtonpost.com ...
PLEEEEZE don’t bail us out!!!
If the state falls apart, we can finally rid the Democratic party from the state legislature.Republicans will then be in the majority.
Good. We need to go under out here.
Yup. I want to see Arnold have to carry out his threat to cut all of our ridiculous social programs.
Yes, please don’t send us money...if they do it’ll come down to somehow the state losing its soul. Arnie and the leftists in the State legislature have to stop giving free money to special interests including illegals. We’re hemorrhaging from idiotic left-wing policies.
This is the golden chance to rid ourselves of the socialism in Sacramento.
Do these idiots even read the crap they write? Do their editors?
How is enacting "massive cuts" and reducing the cost of the state government going to aggravate the state's recession or drag down the national economy?
I swear, these pea-brained government propaganda ministry hacks don't have the slightest clue of what they're saying. They don't even attempt to make sense.
Yeah... If only there were some way to convince him that conservatives would be hurt by slashing the budget. Then he might actually do it!
Yeah and let that be a lesson for the rest of the country...
So Cal Al
Yeah... and who is going to bail out the US????
ISRAEL????
Yeah Bamo.... stick your shoe right up your own arse!
But let's put this in perspective. California's asking for a quarter of what the feds initially spent on AIG, supposedly to assist 30,000,000 citizens and well over 3,000,000 employees. Sure, we'll ignore that the feds already pumped one heck of a lot of money in already through the bailout bill. That money's already spent here...
But come on, supposedly the Treasury's being paid back 80 billion they loaned to banks, how about a quarter of that for California?
It's a good thing that Democrats are absolutely blind to backstabbing by their own party as much as they're blind to Democrats who are absolutely corrupt. They might be ticked right about now. Wait, wait, I gotta go - my state senator's sharing information on legislation that she's going to pass next week, and I gotta join the herd in taking advantage of this information on the stock market. Oh, and then make sure my union exempts the trade so I don't have to pay taxes, as that's for the little people to do.
Good, don’t change your mind commie!!!
i hope they do bailout california and then bailout all other states who come crying for aid as well. This will fast pace the demise of the Federal government MUCH quicker which is ultimately good for us all
Yeah but stupid people seldom learn. I am hoping though that this will bring some change in the way we do business, surely there are sane politicians out there....
Maybe.
I agree, but it's not us that is going down, but the mammoth, all encompassing intrusive, punitive state government.
So yes, let the government die. Eventually these idiots running government will be forced to operate within their means....Like the rest of do.
Even the lying scumbag Zero administration would have a tough time explaining to taxpayers in, say, Pennsylvania, why THEIR tax dollars are going to bail out the fools in California.
Fault Lines - California: Failed State - 11 June 09 - Part 1
http://www.youtube.com/watch?v=tj200NUQOFo
Fault Lines - California: Failed State - 11 June 09 - Part 2
http://www.youtube.com/watch?v=DRFF1Uo46VI
Little mention of illegal immigration or spending more than you take in.
I feel pretty certain Maria is running the state. The Administration just wants Kalifornia to beg to the divine One. Too many uber-libs to let the state sink into the Pacific...
This is what Socialism does, California is the endgame, they pushed the limit. Now the Nation as a whole better wake the hell up, because if it can happen there, it can happen anywhere. Socialism DOES NOT WORK.
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