California's Financial Armageddon???

This is just unbelievable. To me this is so much money that I don't know what to make of it. Apparently I think that the minority party in California is doing their best to bankrupt the state.

According to the SacBee this morning:

Saying California is "headed toward a financial Armageddon," Gov. Arnold Schwarzenegger blistered lawmakers on Wednesday as administration officials said the state's two-year budget hole has grown to about $40 billion.

With the economy reeling and revenues plummeting, previous projections of $11.2 billion in red ink during the current year have risen to $14.8 billion in the $100 billion general fund – and roughly $25 billion in 2009-10.

California's coffers are emptying so fast that the state's top fiscal officials say the plug must be pulled on $5 billion in public works projects next week, and by February or March, the state will not be able to pay all its bills.

The whole hang up here is the fact that it takes a two-thirds majority to pass a budget in California. The Republicans are attempting to repeal about a dozen laws that they do not like. Most of these laws, like overtime and lunch periods, have little or nothing to do with the current budget standoff.

You can read about the blame game here.

I am amazed that the AGC is not doing more here. At least here in San Diego, they have a solid record of supporting the minority party. What is their support getting them? If the Republican inaction in the legislature stops or delays public works projects, then their constituents are going to lose big time. Who cares about breaks when there are no projects?????

AGC of California is communicating to the Legislature about the impacts, but I wonder if anyone listening.