Today is the day the revised budget must pass the California legislature else disaster looms. Yet again.
If California’s political leaders fail to balance the state’s budget by midnight Tuesday they may need to trim about $3 billion more.
That’s because the plans by both Democratic leaders and Gov. Arnold Schwarzenegger include about $3 billion in spending cuts in the 2008-09 fiscal year that ends tonight.
If those cuts are rolled over into the new fiscal year’s budget, the state’s constitutional funding requirements would have to be suspended and $10 billion expected from the federal stimulus package would be lost.
I suppose the sun could move backwards in the sky and they’ll pass something by midnight. But I doubt it.