The End of the World (as we know it)

I've been back at work about 2 weeks after 5 months of unemployment. The pace of work in construction is a little insane, and certainly a little crazy for the forty-somethings who try to keep up with the twenty-somethings. My hands are spotted with small cuts and bruises. New callouses are slowly growing over my old callouses.
On the radio on the way in to work I had the misfortune of once again listening to the voice of another actor-cum-politician, California's Governor, explaining how we all need to suck it in. And some idiot politician using the cliche, "no pain, no gain" in reference to California's massive Budget Deficit.
The current projected deficit for our state is $26.3 billion. This is widely portrayed as the End of The World. The past is over. Happy Californians will have to give up their happiness and hand it over to the state, who will be collecting from everyone. The poor will be giving up what little they have, those seeking education will have to give up on that luxury too. The California state budget is 1.5% of total California GDP.
SO HERE'S MY POINT . . . Where is the calamity, the hysteria, the yelling from the corporate media about the current projected FEDERAL budget deficit. How big is it? According to yesterday's Financial Times, it is 13-14% of total US GDP, or about the same at California's total GDP. So why is there no outcry from the New York Times, CNN, the San Francisco Chronicle, the evening news?
Because while California is telling working people, "here's the bill," it is too soon for the Federal Government to do this. They may need to bailout more banks and corporations. Once the economy is back in recovery (in the next few quarters according to Geithner) then the bill will be delivered to the taxpayers (read working class) and the cuts will come down big time.
For now, the Federal Deficit is just what we have to do to keep things afloat. Eventually when working people are organized enough we'll sink big business' boat and maybe I'll be able to slow down a little at work.