Ultimate upshot: Will solvent states end up paying for the sins of the insolvent ones? Maybe it's time for a big California tea party.
UPDATE: Ballot-box tax revolt by California voters?
Look at this: voters rejected proposals for tax hikes, but they did approval one measure:
Only one of Tuesday's proposed ballot measures met the approval of voters, an initiative that prevents elected officials and employees from receiving pay increases when California is running a deficit. The measure was approved by more than 75 percent of voters.
Awesome.
Oh, and more here via the Insta-Prof: the moral hazard of state bailouts (well, DUH) and the usual media backlash against the voters. Plus more Mark Steyn!
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