California Budget Madness Comes to a Close, Kinda Sorta

California finally has a budget…or does it? After months of debate and a week of all-night sessions, agreement on $40 billion in spending cuts, tax increases and borrowing came early this morning in Sacramento. Democrats have huge majorities in the Assembly and Senate, but not the two-thirds the budget requires. Senator Abel Maldonado provided the final Republican vote. Evan Halper is Sacramento Bureau Chief for the Los Angeles Times.