The bailout may be attempted but the problem is that you aren’t talking about one single state, or even two. Right now, I can see five to six progressing to the point where lenders won’t cooperate and they have to seek the only help left.
In this case, the remaining states, particularly red states....will ask for several changes to occur (like pension programs have to be altered or changed via some in-house state constitution), that salaries for employees has to be cut by one-third (minimum), and the books have to be opened up.
In the case of California, I don’t think they are willing to attempt any of those conditions, and they be left there to fail.
If they successfully paint the picture of impending economic collapse like they did in ‘08, Republicans will pass a bailout without preconditions.
Blowing off the Tea Party in ‘08 opened the floodgates for EVERYBODY to expect a bailout.