<p>Judging from the lavish media coverage and the blizzard of self-congratulatory statements from those involved, one might think that Gov. Arnold Schwarzenegger and legislative leaders took huge strides last week toward resolving California's budget crisis.</p>
<p>They didn't. The deal on a $15 billion bond issue to refinance part of the state's $25 billion budget debt and a constitutional amendment declaring a balanced budget to be state policy were noteworthy, perhaps -- but they did almost nothing about operating deficits that will approach $20 billion over the next 18 months.</p>