Proposition 55 on the March ballot is a good idea coming at a terrible time. There's no denying the need driving the $12.3 billion school bond measure, but the state simply can't afford it right now.

The Daily Bulletin takes that position with regret; this newspaper has strongly supported school bonds -- including two local school bonds in this election -- but the state's present financial condition argues against more state bond debt, even in a good cause.

Already lawmakers want to issue $15 billion in bonds just to cover the state's debt, on the March ballot as Proposition 57. The fact that the state plans to borrow more money to pay its debts shows just how shaky state finances are.

If the school bond and the deficit bond both passed, they would put the state's debt-service ratio -- the level of general fund debt payments as a percentage of revenues -- above the general guideline that's considered prudent, says the state's legislative analyst.

That could put a crimp in the state's ability to borrow in the future. Why run that risk and further hamper the state government's ability to deal with its financial crisis?

Passing both bond measures at the same time would further weaken the state's already hazardous fiscal position. So voters must choose between them, and in that contest, the deficit bonds come first.

It's important to make sure public schools have enough classrooms, safe buildings and proper facilities, but that work can wait, if necessary. The deficit bonds cannot wait; if the state fails to pass them, it risks immediate catastrophe.

The state has $14 billion in short-term loans coming due in June and no way to make the payment. The original borrowing plan in this year's budget is under legal attack and can't be relied on to repay the loans. If Proposition 57 fails, the alternative would be steep tax hikes and deep program cuts -- or worse, putting California's financial decisions in the hands of its creditors.

Postponing school renovation and construction is unappealing, but given the state's financial mess, it can't be helped. Adding more debt as the state's credit rating slips and bankruptcy looms in the background just isn't wise.

If Proposition 55 doesn't pass in March, it goes on the November ballot. Maybe by then the state will have a better handle on its finances.

California lawmakers' mismanagement of the state means that borrowing ability that should be used for schools ends up going to pay for bad financial decisions. Voters have every right to be angry about that, and lawmakers should be held accountable for it.

But first the state has to crawl out of the fiscal hole -- in part by avoiding any new debt that isn't immediately necessary. Those are the sad facts of California government today, and it's why the Daily Bulletin urges a no vote on Proposition 55.