California budget delayed at a cost

The San Jose Mercury reports:

Could the state of California, a $100 billion-plus enterprise, run short of cash to pay its bills this summer?

The short answer: Yes. In fact, officials are already preparing for the possibility - and it could cost taxpayers dearly.

Triggered by a staggering $15.2 billion deficit, a deteriorating economy, and partisan gridlock in the Legislature, the cash crunch could arrive in late August or September.