California will pay for yet another late budget

The credit crunch could make this year's missed deadline the costliest ever.

SACRAMENTO -- California starts the new budget year today -- and once again no budget is in place.

Legislators are making little progress closing a $15.2-billion shortfall. Democrats demand new taxes. Republicans say that is out of the question. Meanwhile, their inability to strike a deal threatens millions of Californians who rely on the government for healthcare and other services.

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