Short Answer: Yes, but nobody's happy about it.
Long Answer: Democrats in the state legislature sent Jerry Brown a budget plan that closed the $9.6 billion gap last night, but it still hinges on $4 billion in revenue that may or may not come through. The plan was passed on majority-vote authority by the Democrats after a couple senators tried to hold out for a deal that didn't cut redevelopment agencies. When faced with the prospect of losing more money from their own pockets, the Calicrats pushed the deal through to Gov. Brown a few hours before midnight last night.
The main developments in the deal include restructuring the prison system as well as the 400 redevelopment agencies in the state. If that $4 billion in potential (but not guaranteed) revenue doesn't show up, $2.5 billion in additional cuts will kick in and draw funds away from schools, the UC system and other programs. It will also allow school districts to cut 7 days off of the school year.
For Brown, agreeing to a deal with more cuts to spending is a bit of triage. He still hasn't been able to cut a deal with Republicans in order to put his tax measure on the ballot, but it is looking increasingly likely that Brown will put that matter before voters on a ballot initiative.
Assemblyman Bob Blumenfield, the Democrat chair of the Budget Committee, called the plan "making the best out of a bad situation." But critics on the right were a little more harsh, calling it a "hope-without-change budget" and wondering why the state continues to ask voters for additional revenues if Dems were suddenly able to find the funds to make up the deficit we started the year with.