California is broke

The California Progress Report and Rough and Tumble have continuing coverage of the continuing California budget crisis. Look, all the special interests including plenty of my own can yell and protest about how horrible the budget cuts will be. But California really doesn’t have the money. With the frozen credit markets and the state deficit, it can’t borrow except at high rates, something Gov. Schwarzenegger has vowed to stop.

The train wreck continues.