According to Reuters, California Treasurer Bill Lockyer said the most populous U.S. state's cash reserves may be exhausted near the end of October, and various state-funded services are at risk of grinding to a halt.
Governor Schwarzenegger is apparently going to ask the federal government for 7 billion dollars. Good timing--after 700 billion, 7 billion is going to seem eminently reasonable.
When Californians vote on their various propositions, they should remember California's budget problems (i.e., no money). Almost every Proposition requires more money. When in doubt, vote "no." The only Proposition I will be voting for is Prop 11. Everything else seems to require money Californians don't have.