CA Budget Crisis; Day 77 - Is It Over?

The state Legislature approves a budget early this morning, one that increases income tax and appears to push unsolved problems into next year, but Gov. Schwarzenegger has said he will veto the plan because it leaves the door open for the states "rainy day fund" to be raided and does not limit future spending . Here is the plan currently on the Governor's desk:

The Dirty Little Secret:
The plan borrows from you (taxpayers) by increasing withholding to 10% and then refunding them to you with your tax return. Essentially this takes money from you and then pays you back later with no interest. Would you let a friend do this? Probably not.

MORE
Editorial: Schwarzenegger should veto this budget
Weintraub: Bad budget deserves veto
Dan Walters: State budget relies on sham revenue...(more)