<p>The big debate about Gov. Arnold Schwarzenegger's budget cuts may become nothing but a footnote if, as seems increasingly possible, voters in March reject his monster deficit borrowing.</p>
<p>Given the uncertainties of the economy, the current political climate and the other big ticket and policy items on the ballot, past experience suggests that the most likely voter response is to say "no" to everything. That would be a hosing of ice water like none that California has ever confronted.</p>