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Real budget crisis is the $8 billion annual income-outgo gap There's nothing wrong per se with the state's borrowing money and, as Hill notes, rolling over the existing debt is probably inevitable. But the larger issue is whether Davis and lawmakers, even if they borrow to cover old debts and even if they raise taxes to cover those loans, can muster the guts to undo what they did three years ago and bring California's income and outgo into balance. It's the $8 billion question.
-------------------------------------------------------------------------------- About the Writer --------------------------- The Bee's Dan Walters can be reached at (916) 321-1195 or dwalters@sacbee.com.
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