Staff Writer Derek Moore reports – here –  that emergency legislation to reduce the state budget deficit failed to get the necessary two-thirds majorities in either house of the legislature today.

Unless miracles happen, the state begins issuing IOUs in exactly eight days.

After all this time, we are stuck in the same old story line.

Since Democrats control majorities in both houses of the Legislature, they are to blame, say the Republicans. Since the Constitution requires two-third majorities to pass a budget and the Democrats don’t have two-thirds majorities in either house, the Republicans are to blame, say the Democrats.

Blah-blah-blah.  And blah.

For years, state government has been borrowing against the future because Democrats wouldn’t compromise on spending and Republicans wouldn’t compromise on taxes. Now, investors are reluctant to lend California money to survive the latest crisis.

And who can blame them?  Would you lend money to state government?

BTW, the bills that failed today would have covered less than half of the current $24 billion shortfall.