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"May revenues may have been positive, but their small climb represents only three percent of the State's budget deficit," Chiang said in a statement. "The financial problems before the Legislature and Governor remain just as daunting and time-sensitive as they did a month ago."
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As state's bond yields rose, so did the price of credit default swaps against the bonds. But the swaps' effect was "not significant enough to cause concern," state Treasurer Bill Lockyer says.
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A new contract proposal by the state scientists union is the first to put in writing concessions that the governor hopes will become the norm: cuts in retirement benefits for future hires and a promise to stay out of his way as he presses to cut the state's pension costs.
"Will this make everybody happy? Absolutely not," said Chris Voight, staff director of the California Association of Professional Scientists. "But after a bit more pain, it reverses the fiscal atrophy and financial beating that our people have been taking for years."
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The bi-partisan, 58-0 vote on Thursday sent the bill to the Senate.
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"I will hold up the budget. It doesn't matter how long it drags--into the summer or fall or into November or after my administration--and I think the people will support that," he said.
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