... and that's on top of the $20+ billion unemployment insurance fund bailout. The WSJ has the story.
California is still screwed whether or not it gets $6.9 billion to scotch tape this year's budget. But the thing it illustrates is how out of control the Federal government is. $6.9 billion is a hell of a lot of money even for a state as huge as California. But it's trivial compared to the amount of money Obama and Bernanke are throwing around. It's less than one percent of Obama's $787 billion porkulus package which accomplished exactly nothing! And it's less than one percent of the trillion-dollar deficits Obama plans to run in perpetuity. And it's less than one percent of the money that Bernanke has created out of thin air to bail out Wall Street.
Just a little perspective for you.
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