It wouldn't be the March 2004 primary ballot. Gray Davis would have to call a special election sometime this year. Well, technically he wouldn't have to call a special election. But politically it would be impossible to argue that the billions of dollars from a Car Tax hike were desperately needed to help solve this year's enormous budget deficit, but at the same time it wasn't worth spending a few million dollars on a special election so that those billions in tax revenues would actually be available this year.
That's another reason that the Democrats will be terrified by McClintock's threat of a referendum. If Davis calls a special election, the Racial Privacy Initiative will necessarily also be on the ballot. That means both the Car Tax hike would go down in flames and Connerly's initiative would pass handily. Whereas the Democrats are hoping that the Racial Privacy Initiative can be defeated in March 2004, given that large numbers of Democrats will be attracted to the polls by a heavily-contested Democratic Presidential Primary while Republicans won't care as much about their uncontested Primary race.
On the other hand, Connerly has been counting on a year to gather support and funds for the RPI, so an early ballot might be the Dems best chance to defeat it.
Quite the chess game, isn't it? At least life ain't dull.