It looks like California is in the same class as Greece when it comes to budget problems. It also looks like the politicians in California are about as likely as those in Greece of being able to solve the problem. After all, THEY are the ones who caused it in the first place! I have said it a number of times, politicians don't care about any American Person except themselves and those who contribute to their campaigns. If you are one of those, then you are probably profiting from the status quo and really don't want things to change all that much -- at least for those things that maximize your profits.
And that is where the problem lies. The democrats are protecting their contributors and the republicans are protecting their contributors and no one is protecting the vast number of American Persons out there. Compromise is not part of their skill set, especially in an election year. Like Greece, California may be doomed by the very people elected to save it.