should the federal government become involved when a state is in such a state of financial crises?

i'm just really confused about this question.

the question is a little unclear.  is there a specific state or financial crisis you are supposed to be thinking about?
 
i suspect the question is about whether the federal government should bail out a state that has  a fiscal crisis, meaning the state is broke and cannot pay its bills. some states have provisions in their constitutions that prevent them from running a deficit (spending more than it takes in) or has a specific cap on how much it can borrow.  when a state owes more than it takes in it would have to borrow.  generally, states do not have as much borrowing power as the national government.
 
i imagine your class has had readings on the pros and cons for a state of taking money from the federal government.  often, federal money comes with strings attached, which usually take the forms on directives on how the money can be spent, or requirements that the state agree to adhere to certain rules or policies set by the federal government. for example, the reason why all states set the legal drinking age at 21 is that the federal government made the passage of such laws a condition of continuing to receive federal highway money.  no state wanted to give up that money.
 
increasingly, states have become more dependent upon the federal government for funding of state programs.  a big issue is whether this has resulted in the states giving up too much of their sovereignty.  if a state were to accept a government bailout, what would the state have to give up in terms of its independence? this is not just an academic question because a lot of states are pretty much broke today. 
 
alternatively, if a state wanted to retain its independence, it would have to solve its financial problems on its own.  that could entail deep spending cuts.  what impact would that have on the state's people?
 
this is into a question with a single correct answer.  you can argue it either way, and your instructor will be interested in the quality of your analysis.  again, look to class reading on the pros and cons of a state taking federal money generally, or google that topic, for guidance.