With California’s state government deadlocked over a $24 billion hole in its budget, the Golden State is hurtling toward financial apocalypse.
Washington’s response? Deal with it yourselves.
California is the world’s 8th-largest economy, home to one out of every eight Americans and the holder of 55 electoral votes. The state enjoys incredible sway on Capitol Hill — witness Friday’s passage of the climate change bill championed by House Speaker Nancy Pelosi (D-Calif.) and House Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) — and it may hold the key to President Barack Obama’s re-election: California’s fiscal pain could imperil the economic recovery of the entire nation.