CALIFORNIA DECLARES FISCAL EMERGENCY.

Related: Facing $360 million deficit, San Francisco pays city workers $170 million in bonuses.

UPDATE: I don’t think that this is so bad, necessarily, but it won’t play well: “Finances are so dire at the University of California that it might have to turn away qualified students, but UC has still found a way to reward hundreds of employees with more than $4 million in incentive pay and raises.”