California’s Reality Check

It was roughly 30 years ago that Gerald Ford told New York his famous two word response for when they asked for a bailout of New York City:  DROP DEAD.

Might Obama say the same thing to California?  The state’s spendthrift government has in its favor the power wielded by the Californian Speaker of the House and Chairman of the House Energy and Commerce Committee, the latter of whom was a major cosponsor of the Cap and Trade bill.

Whether or not Obama would take Ford’s line may shortly be seen: Politico reports that California is hoping to use TARP funds for a one time fix for the state to deal with its massive $24 Billion deficit.

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