Completely off the radar screen. Amazing. The "RAWS", too. Certainly some shoe must drop very soon, since the fiscal year ended yesterday, and the California Constitution says things come to a stop until a budget is passed.
The Legislature shall pass the budget bill by midnight on June 15 of each year. Until the budget bill has been enacted, the Legislature shall not send to the Governor for consideration any bill appropriating funds for expenditure during the fiscal year for which the budget bill is to be enacted, except emergency bills recommended by the Governor or appropriations for the salaries and expenses of the Legislature.
What power bonds? What power RAW's? Has Davis realized that this dog don't hunt? I think so.
Sac Bee article that talks about RAW?s at the very end.
Davis, meanwhile, has had to contend with state Controller Kathleen Connell, who succeeded him in the controller's office and has been feuding with him for nearly eight years. She's termed out of state office this year and is using the budget crisis to settle some old scores.
One example: Before agreeing to issue "revenue anticipation warrants" that the state is using to bridge some of the budget's deficit, Connell insisted that Davis and legislative budget writers expand the state's reserve fund. Another: Davis aides announced last week, apparently to ramp up pressure on the Legislature to act on the budget, that the state would withhold payments to counties to cover welfare checks. Within a day, Connell had undercut Davis by declaring that she would make the payments "just as they have been every other year the budget has not been enacted in a timely fashion."
It was pure revenge, and vengeance will always trump partisan solidarity.
What I think we are seeing is that as long as Kathleen Connell is in office, Davis is not going to get his power-bonds, power-bond-anticipation-notes, power-warrants or power-what-have-yous! This may have been partly what happened. The dem's may have other ways of getting enough money for the moment, if so they were crying wolf before.