Really. So NY state will be bailed out. CA most likely will be next. Where do they fall on color map? The tax generating states have always had their funds diverted to the dependent states. Again, this is what led, over many decades, to the first Civil War in the US even though the majority of America believes it was over slavery. That was a Lincoln myth, to whom Obammy aspires.
In general New York generates a huge amount of taxes far more than most states...so that’s ridiculous.
Here’s the Tax Foundation link:
http://www.taxfoundation.org/files/ftsbs-timeseries-20071016.swf
Bingo! If NY and CA go down, then the money dries up for the dependent states. Look at where the federal money was spent during the Depression. It wasn’t in states where there was plenty of private funds — remember, Empire State Building and Rockfeller Center were both built with private money at the height of the Depression. The Federal money went to rural communities via TVA and other programs.