Remember all of the revenue enhancing California passed last year? Well it's fruits are apparently not edible.
In April alone the revenues to the state have fallen $3.6 billion short.
The state of California, barring a federal bailout, simply must reduce its public employment and trim entitlement spending. There is very little else that it can do at this point. Raising taxes farther will simply harm the economy and lose more revenue.
On June 30 they have $8.8 billion in "revenue anticipatory notes" that must be paid back. I wonder if the leaders of California have seen any coverage of what is happening in Greece? It should tell them that governments can indeed go bankrupt.
It is time to pay the piper, as much as the politicians and public employees unions want to live in denial.