Budget talks have broken down at the state Capitol and lawmakers still have a multi-billion dollar deficit to grapple with. One option that's been floated is putting Governor Jerry Brown's tax extension measure on a November ballot initiative. But Treasurer Bill Lockyer says if the budget remains unresolved that long, it would make it nearly impossible for the state to borrow money for projects:
"But if we don't get to the bond markets this fall, then it's highly likely that thousands of public works jobs will begin to shut down sometime early next year."