I read a pretty good article stating that it’s looking more and more likely that Obama is NOT going to bail out CA.
It stated that CA’s congressional delegation is, while huge, quite divided and fractious and that quite a few of the CA repubs do not want a bailout and that, most importantly, the Dem congresscritters of other states are not going to stand by and watch CA being favored at the expense of everybody else.
Cali dems have been getting subtle and not-so-subtle signals from their colleagues that this is a non-starter.
As for Obama, he can’t do anything major if congress is not there to do it for him.