There is little hope that CA can cut the spending fast enough to keep up with the declining tax revenues. With car sales down by nearly 50%..and that is a big earner of sales tax and no capital gains tax coming in..they are in a world of trouble.
They will be headed to DC looking for another hand out.
I tend to disagree, my FRiend. If CA suddenly "found" a trillion dollars, how long do you think it'd take the legislature to spend it? My guess is measured in hours, not days.
They could stop all state spending immediately -- and they should.