Why are further spending cuts unrealistc? If there is no bond issue and no tax increase, budget cuts will be required by legal necessity and thus be entirely realistic. Moreover, it should not be forgotten that, despite the talk of the Cassandras, most Californians are taxpayers, not tax consumers thus they would be helped more than harmed by the cuts both in the short-term and long-term.
The best way to make the spending cuts truly unrealistic is to argue, as you do, that they are impossible. Your "can't do it" position creates a self-fulfilling prophecy.
So, do you think Arnold should fire the legislature and most state employees and declare himself KING?