The only explanation I can think of for this is that Arnold is still nominally a Republican. His emergency budget plan for the state of California builds in an expectation of funds from the current and/or the next Federal stimpack.
Standard & Poor's observed, rationally enough, that there's no guarantee that Obama will write over so much of your and my money to California, so they downgraded the state's debt to A-, one of the lowest investment-grade ratings. That means California has to pay a lot more money in interest every time they borrow, and will have fewer investors available to lend to them. Which of course makes their fiscal crisis all the worse.
Now you'd think California would be too big to fail, especially since they reliably give 55 electoral votes to every Democratic presidential candidate. Bill Clinton, as President, seemed to spend as much time in California as he did in Washington.
But today, David Axelrod was quoted as saying that he recognizes California's problems, but can't solve them all from Washington. To recall a famous line from the Seventies: Drop dead!
Maybe Obama figures he can count on California's votes no matter what. Or maybe he wants to spite Schwarzenegger.