At least one prominent economist says yes. Stephen Levy directs the Center for Continuing Study of the California Economy in Palo Alto.
Levy: "I think the tech recovery here in Silicon Valley alone can support the entire revenue increase for 2011 and into 2012."
Inside the Capitol dome, Assembly Republicans assume just five billion dollars in extra revenues in their recent budget proposal. Still, the top Republican on the Senate Budget Committee, Bob Huff, says he thinks the governor's revenue projections are a bit on the conservative side - and that's a good thing.
Huff: "Part of the problem we got into was, we had some very aggressive assumptions just because we didn't know how else to bridge the budget. And then the problem never went away."
Legislative Analyst Mac Taylor has also weighed in. He says his office's revenue estimates are similar, and the governor's are based on "reasonable assumptions."
