7.19.2009

California budget deal

It's all over, baby blue.

Schwarzenegger and Democrats agree on phony budget deal that pushes the problem down the road with borrowing and accounting gimmicks:
Besides spending cuts, the budget proposal includes capturing more than $4 billion from cities, counties and special districts.

It also relies on accounting tricks, such as increasing income tax withholding schedules by 10 percent to shift money from 2010-11 to 2009-10, as well as delaying state worker paychecks next June 30 to July 1.


UPDATE: Whoomp! There it is!

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