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.
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