However, we expect any budgetary reductions of this magnitude will lead to protracted legislative debate, potentially extending into next summer. And differing opinions as to the timing and strength of the economic recovery may further complicate legislative efforts to resolve this imbalance, as will the upcoming elections in 2002. If the deficit for the upcoming year reaches $8 billion as both the Administration and the LAO estimate, the state may be hard pressed to eliminate this gap solely through expenditure reductions.
Let me try to translate. The legislature and Governor will have to raise taxes during an election year and they will do that only after Wall Street puts a gun to their head. The brain-dead voters will be so pissed that taxes get raised in an election year that they will likely vote the rascals out.
Should be an intersting year.