The money is intended to help farmers, farm workers and rural communities.
Mr. Obama held a roundtable in Firebaugh, about 45 minutes west of Fresno. Valley Public Radio's Rebecca Plevin spoke with a fourth-generation farmer there today and says money isn't enough.
"They don’t need financial aid right now; what they need is water. And he says that in the short term, they need to start pumping water from the Delta; and in the long term, they really need more water storage," reports Plevin.
The President is also visiting a farm in Los Banos this afternoon.
Joining him on the trip are California Governor Jerry Brown, U.S. Senators Dianne Feinstein and Barbara Boxer and Congressman Jim Costa.
CapRadio's Drought Coverage
California Governor Jerry Brown says the state can lead the way with its water policies just as California is leading the way with initiatives for renewable energy and climate change.
A winter forecast from NOAA's Climate Prediction Center Thursday shows the California drought may persist or intensify in parts of the state.
The Center for Biological Diversity filed notice of intent to sue the U.S. Fish and Wildlife Service Tuesday for not responding to a petition to protect 16 amphibian and reptile species in California
The Sacramento Region may get millions of dollars for water projects to help during the drought.
California has received less than 60 percent of the rain and snow this water year that it normally gets. Water managers are warning the new water year may be just as bad.