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"There is no question that there are going to be a lot of cuts coming," said Margett, R-Arcadia. "But taking advantage of lower interest rates could be a big help."

Once more the politicians (this time republicants) are counting on Wall Street to help ease the pain. I wonder if they realize the price that Wall Street will make the State pay (in the form of a balanced budget that is fiscally responsible and based on realistice, as opposed to smoke & mirrors, financial projections), no they think that Wall Street will just give the money if they ask and that the rating agencies will look into the hearts of the democrats to see that they care and that will be all that is required for good bond ratings. Yeah, right.

So the cornerstone of the California budget is going to be borrow, borrow, borrow. I wonder if the Gov and the Legislature have the discipline to act in a "business like manner" long enough during an election year to actually be able to get the money? This should be fun to watch, I hope the Republicans have a game plan that they have thought through on this. I am sure that the Democrats do not have a game plan that has been thought through.

Start by cutting the state workforce and imposing an across the board hiring freeze for unfilled vacancies. It should generate cost savings along with cutting corporate welfare and imposing a moratorium on new regulations. Such steps along with the creation of a rainy day expense fund should be the beginning of getting out of the budget mess. It won't be cured by going on a borrowing binge and increasing already sky-high taxes. What remains to be seen is if Governor Gray Davis and the Rats in Sacramento are willing to bite the bullet and take the difficult decisions in an election year. If they do, Republicans are prepared to put partisanship aside for the good of our state and its inhabitants. If they stick to the old and failed tax and spend nostrums that got us into this trouble, they can count on a very difficult rest of the year ahead. The next move's up to Gov. Davis and his party.

So the cornerstone of the California budget is going to be borrow, borrow, borrow.

Which sets the stage for a lawsuit for Davis violating the California Constitution, which prohibits the State from borrowing over $300,000 without a 2/3 majority in their Congress PLUS a majority vote of the people.

But the republicans in the California legislature seem to have the same regard for the California Constitution as do the democRATS there. (e.g. none, nada, zilch)