Recognizing the enormity of the state's fiscal crisis and the growing skepticism of Wall Street and investors about California's ability to govern itself, the Legislature has done what the state constitution and common sense require: pass a budget by today's June 15 deadline.
(Wait. Hold the presses. Let's double check that. Are you sure? -- Editor)
It's inconceivable that they wouldn't make the deadline. So much is at stake.
Under any scenario, the state will likely have to borrow huge amounts of money to get through its fiscal mess. As State Treasurer Phil Angelides pointed out in a letter to Republican budget negotiators, Sen Jim Brulte and Assemblyman John Campbell, last week, the state's credit rating has already been downgraded, and further downgrading could add $400 million to $850 million in extra interest costs to bonds that voters have approved but the state hasn't yet sold. That's money down the drain.

"A fiscal meltdown will do lasting damage to California's economy and its reputation in the financial markets," Angelides wrote. "A state government in turmoil, schools uncertain of their budgets and resources, critical infrastructure projects on hold -- all of these send the wrong message about California to investors and businesses across the nation and the world."

(What does that matter to Brulte? He's the guy who threatened to end the career of any Republican who votes for a budget compromise that raises taxes.)

But Brulte can't mean it. Remember when Brulte visited the editorial board before the 2000-01 budget was unveiled? He called for the state to spend billions more on higher education, Cal-Grants for college students, nursing homes, Medi-Cal and adult protective services. We wrote that his push for more public investments in underserved areas might "drive the tight-fisted Gov. Gray Davis, who operates by triangulation, to loosen up the purse strings a little."

And it did. Unless you conclude Brulte's current position about taxes and "overspending" is just negotiating posturing, you'd have to believe that he's an opportunistic hypocrite.

(Forget the conclusion. Let the facts speak for themselves. And what are the facts about passage of the budget?)

Just checked. Sorry to say, the Legislature left town to spend Father's Day at home. Barring some miracle, there's no budget in sight.

(Cancel your vacation. Unless something changes in the next few days, you are going to get to cover the damnedest story you've ever seen: the biggest and wealthiest state in the country going down the tubes while its midget leaders squabble and its electorate slumbers away, dreaming of having all the government it wants without paying for it.)