When you take a close-up look at the red ink gushing from the state Capitol, it becomes a very ugly sight. For starters, the problem is worse than first thought. Nonpartisan Legislative Analyst Elizabeth G. Hill last month projected a nearly $10-billion deficit spread over the current and next fiscal years. Then last week, reports leaked that the Schwarzenegger administration, with updated numbers, is projecting a $14-billion deficit. Actually, it's $14.5 billion. Add to that some minimal reserve any prudent budget should include -- say, at least $1 billion -- and it's a $15.5-billion hole that must be filled next...