`We Haven't Hit The Bottom And Won't Until 1993'

After 64 days, a key veto, and endless wrangling, the worst fiscal crisis in California's history ended on Sept. 2, with the legislative equivalent of a whimper. Tired lawmakers, anxious to launch their campaigns for the November elections, sent Governor Pete Wilson what he had wanted all along--a $57.4 billion budget that was heavy on cuts in social spending. As he signed the measure in Sacramento at 1:45 a.m., the embattled Republican governor no doubt sensed victory. Wrong.

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