Last night in LA, I moderated a panel with State Controller John Chiang, Barclays Capital managing director Peter J. Taylor (a public finance expert), and New America senior scholar Mark Paul on California's cash crunch. A report on what was said is here. One message: even if the tentative deal that legislators and the governor appear to have reached in the last 24 hours won't end the cash crunch. The state still has serious cash flow problems, said Chiang, comparing a state with a budget deal to an unemployed person who has suddenly found a job and income -- but still has to deal with the debts and bills he delayed paying while he was unemployed.

Add State Controller John Chiang to the list of California officials who believe that the way out of the budget stalemate may involve kicking difficult questions of taxation to voters. He told the San Francisco Chronicle in an interview that if Republican and Democratic legislators can't agree on budget cuts and tax increases, "they may at least be able to agree to let voters make a choice." The full story is here.