Walters: California’s self-inflicted fiscal crisis produces a budget full of gimmicks and favors

Gov. Gavin Newsom and legislative leaders wrapped themselves in a blanket of self-congratulatory statements Saturday as they announced a deal to close a multibillion-dollar state budget deficit.

They praised themselves for dealing with the $44.9 billion gap between income and outgo without making major reductions in the state’s array of social welfare, health care and education services.

“This agreement sets the state on a path for long-term fiscal stability — addressing the current...