Sacramento Bee columnist Dan Walters summed up the Sacramento follies quite well:

Democrats voted for their version, keyed to tax increases. Republicans voted for a budget that slashes spending. Their effusion of hot air evoked what William Shakespeare's Macbeth said: "A tale told by an idiot, full of sound and fury, signifying nothing."

At some point both sides will be forced into cutting a deal, though probably not before the state starts handing out IOUs later this month. There are no good guys in this one: The Republicans realize they have the leverage to thwart any Democratic budget (remember that a two-thirds vote is needed to pass the budget). Democrats keep acquiescing to union demands and unrealistic notions about taxing and spending. More from Walters:

The system that we adapted from the federal government 160 years ago and then altered dozens of times thereafter is out of sync with California's demographic, economic and cultural reality. It simply does not work and, more importantly, cannot work.

Meantime, the state that has a $19 billion deficit is still hiring people by the thousands, perhaps best demonstrating how disconnected the place has become.