The newspapers are reporting that the fiscal gap is $10 billion. It is actually far more serious than that. The actual figure – according to the LAO – is that the state will spend $14 billion more than it takes in between now and the end of the next fiscal year. The difference is that we will first blow through the $4 billion reserve that the state began the year with. (That reserve, by the way, is already gone.) But the LAO is still predicting that the state’s general fund revenues will grow about 3.5 percent this year. I doubt...