Why a Cash Flow Crisis?

The California Budget Project's Jean Ross identifies a major reason for our ongoing budget crises: California's insane two-thirds vote requirement to pass a budget.

But there's a fourth culprit at work right now in California, one we can do something about: the state's two-thirds vote requirement to pass a budget and tax increases. Without the two-thirds vote requirement, it's likely that California's policymakers would have been able to come to an agreement that could have averted the issuing of IOUs.

Indeed.