In November, voters would be asked if they wanted to extend the taxes beyond that point. A majority vote can pass the budget which would assume, presumably, the tax extensions would pass in November. However, this is a report, not a definite fact.
Update: A related report is at http://latimesblogs.latimes.com/california-politics/2011/04/at-gop-fundraiser-good-vibes-for-brown-budget.html
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