If pensions are the issue, then the solution is probably a little more detailed than "cut spending". You show me someone with a 2 word fiscal solution and ill Sheila you a fool.

The bigger issue is that California's tax revenue is hugely cyclic, since it depends on income taxes on people whose incomes depend on the performance of investments. Thus during a boom, California gets lots of money, during a crash, the government is strapped.

But yeah, pensions need to be reformed. However even if you did so, the state would still regularly run out of money.