Obama's proposal to extend credit to fledgling state and local governments becomes especially cumbersome once you start considering California.

California is currently in the midst of a budget crisis spurred on by their state's incredible rate of entitlement spending. The state is currently $1.1 billion in the red due to sinking tax revenues.

Obama's plan to create a "facility to lend to state and municipal governments" would potentially put taxpayers in the 49 other states on the hook for California's budget mistakes.

I can't wait until Hannity and Rush start telling their listeners President Obama wants them to bailout out the San Francisco liberals.