As we've all heard, economies around the globe are facing significant challenges. California is experiencing very difficult economic times with seven straight months of job losses, and unemployment now at the third-highest level among the 50 states. This has all had an impact on the 2008-09 budget signed by the Governor on September 23. Revenues flowing to the Treasury to fund this year's budget are already more than $1 billion below those forecast in May, and it is estimated that the total shortfall will be between $3 billion and $4.6 billion.