California is still hoping Washington will help out with its Hollywood drama of a budget crisis, but the Obama administration is playing hardball, even though the meltdown of the world’s eighth-biggest economic power could have serious repercussions for U.S. and world financial markets. With public services and the state’s welfare program on the chopping block, something’s gotta give.

The Washington Post:

The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy — the state of California.

Top state officials have gone hat in hand to the administration, armed with dire warnings of a fast-approaching “fiscal meltdown” caused by a budget shortfall. Concern has grown inside the White House in recent weeks as California’s fiscal condition has worsened, leading to high-level administration meetings. But federal officials are worried that a bailout of California would set off a cascade of demands from other states.

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