With more detailed analysis yet to come, here is our short version of where things stand with the state’s major fiscal issues:
-The operating budget bill passed, and its failure was the *only* trigger for an automatic “extended session” that would require the General Assembly to continue meeting tomorrow and beyond to finish the budget itself
-The accompanying revenue bill and reconciliation bill (including a teacher pension shift among other things) did not pass
-The budget bill that passed included “contingency language” making deep budget cuts in the event of either of the accompanying bills failing
-Therefore, as of now, the “Doomsday Budget” is in effect for FY 2013, with none of the major tax increases nor the pension shift
-The Governor has the ability to call a Special Session of the General Assembly, and widespread expectations are that this will happen to allow the remaining issues to be considered — but the legislation pending at midnight tonight is all defeated, and new bills will need to be drafted, introduced, heard, debated, and passed. The legislation could create supplementary appropriations to restore some or all of the various “Doomsday” cuts currently in effect. A special session could occur at any time, but for practical purposes would likely need to be well in advance of July 1, the start of the new fiscal year.