Basically, they’ve solved nothing and just drop-kicked the problems into the future.
State employees will now have three “furlough days” which works out to a 15% pay rate. The state will also take money from local governments, promising to pay it back starting in 2013. Gosh, I’m sure state workers and local governments are just thrilled by this.
California will then take this mish-mosh and use it to say they are now credible, so can they issue billions in bonds immediately and hopes someone buys them.
Sigh. What a bunch of irresponsible children they are. They fought and argued for months over this, and in the end, abdicated responsibility, leaving others to clean up the mess. We really should just throw all of them out of office.