
Note that the Legislative Analyst indicated that in the current fiscal year, we are carrying a kind of legacy debt in the general fund of about $6 billion. Next year, the operating deficit - absent a policy change - would be about $19 billion. So the governor is not proposing to fix everything the Leg Analyst says needs to be addressed.
You can find the governor's proposals at http://www.dof.ca.gov/budget/historical/2010-11/documents/2010-11_SS_Budget_WEB.pdf
Update: The Legislative Analyst report on the proposals is available at http://lao.ca.gov/reports/2010/bud/special_session/special_session_120710.pdf The Leg Analyst finds merit in some proposals, notably a transaction that would pull some transportation money into the general fund and get around recent restrictions enacted by voters last November.
You never know where ducks - lame or not - get their money:
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