BEVERLY HILLS, CA – FEBRUARY 3: Job seekers and recruiters mingle to network for job opportunities during a Pink Slip Party at The Crescent Hotel on February 3, 2009 in Beverly Hills, California. The state of California was declared the worst credit risk of any state in nation today after Standard & Poors cut its general obligation bonds in response to the record budget deficit while California politicians continue to disagree about what to do. Massive cuts and layoffs are in the works throughout the state and experts warn that the worst drought in modern state history appears to be developing as La Nina effect is causing rain to bypass the region, further complicating the bad economy this year and raising some national food prices as farms lay fallow. (Photo by David McNew/Getty Images)