Show Me Da MONEY!!!!!!!!!!!!!
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.
As I told you.....you will be hearing over and over again....we are simply out of money.....unless of course you are a Wall Street Bank....then rich uncle Ben has all you need even if you cut off credit to the citizens!!!!
The Governator faces some incredibly difficult decisions.....if he cuts off welfare.....will there be tent cities sprouting up in Beveraly Hills as thousands look for a safe place to set their new homes???
$24 BILLION is a BIG number!!!! and likely to get bigger!!!!