Top Takes From RealMoney

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1. California Has a Budget!
By Tom Graff
8:22 a.m. EDT

California's budget deal, at first glace, is exactly what observers feared it would be. There are about $15 billion in legitimate spending cuts, but another $11 billion in tricks and games. $1 billion is saved by delaying payroll payments that would be due on June 30 to July 1 (a different fiscal year). $1.7 billion is saved by borrowing from Redevelopment Agencies, but that exact plan was ruled unconstitutional just last year. I have no idea why they think it will be ruled otherwise this year. $1.9 billion is taken from local governments, but needs to be paid back within three years. The Los Angeles Times is reporting that public employee unions are already talking strike....