Or not. It might make a sobering object lesson...
That would be the political equivalent of cutting off your nose to spite your face. California is the sixth (used to be fifth) largest economy in the world. If this state tanks, the United States will feel it...in spades.
Nope...the Federal government will bail 'em out. You can count on that and the sun rising in the East. Only the rest of America won't get taxed for the sun rising...