Regardless of what happens tomorrow, Tuesday, we are going right back into the budget process. According to Greg Lucas of California’s Capitol and other sources, a Budget Conference Committee will begin meeting Thursday, May 21st, to deal with the $15-21 billion deficit. One hearing on May 22nd will be on cash management.
The Legislature will seek to amend the existing budget, approved in February, that technically goes through June 2010. The process won’t go through budget subcommittees, but is expected to take public testimony next week in an expanded ten-member budget conference committee, with three Democrats and two Republicans from each house. They are expected to start voting on June 1st.
This will likely move *quickly*.