California's Budget Madness Comes to a Close...Sorta

Twelve billion dollars in tax increases, $15 billion in spending cuts, $11 billion in borrowing? In the wee hours of this morning, despite the knowledge that as a Republican he would face “dire political ramifications,” State Senator Abel Maldonado of Santa Maria finally said, yes, acknowledging that “the ramifications for the people of California are far much greater.” So, you might think it’s all over. After all the wrangling, it’s still possible the state could run out of money. Crucial parts of the $42 billion deal will have to be approved by the voters.