On Wednesday, State Supreme Court justices unanimously denied a request to block Proposition 14, a voter-approved law which changes statewide electoral rules beginning in next year's special elections. Prop. 14 was passed by a 54 percent majority in June.

The California budget deficit could now reach $28 billion over the next 18 months due to estate tax cuts proposed by Obama. These cuts will cost California $2.7 billion in expected revenue, as it raises the excluded amount from $8 million to $10 million, and lowers the tax rate from 55% to 35% on estates.