[Southack]

I'm unconvinced that things are as dire as you predict. California can have another ballot election prior to June. It just costs a little more.

Likewise, the increased revenues that California is receiving from the current recovery could open up some new financing options, as could the state selling property.

In fact, the state could sell perennial money makers (toll bridges, for instance, also airports, dockyards, forests, etc.). Or the state could lease those assets in exchange for a big upfront payment. Ditto for a deal struck by Arnold that gives the Indian casinos more slot machines in exchange for an upfront payment timed to make the June bonds.

Also, Arnold has enormous popularity. He's the odds-on favorite to win any pissing contest with the Legislature, should Arnold decide to go to the mat and let the state run out of money altogether. "They voted down my plan, and now they complain that they have no money" when said by Governor Arnold will make one heck of a soundbite on the nightly news.

[FairOpinion]

"California can have another ballot election prior to June."

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The Legislature had to approve the measures to put them on the March ballot. The deadline is in 3 minutes: midnight today.

Since the legislature rejected it, it won't appear on the March ballot.

Because the R-s voted with the Dems to unanimously defeat Arnold's proposal, they can't say that it's the Dems fault that the budget crisis will get worse. They voluntarily forfeited a major issue, and showed their non-support for a governor of their own party, who is desperately trying to save the state. Shame on all of them.