As the old saying goes, watch this space.

We know the Assembly is convening this afternoon to take up a new, or rather modified, budget deficit proposal from Democrats. We know it's a $19 billion proposed solution, per comments to reporters from Assembly Speaker Karen Bass.

And we know there's a chance the session could go into the night. And perhaps a formal lockdown of the Assembly chambers? "I'm so concerned about the [state's fiscal] situation," said Bass, "it just might have to get to that."

But the package, as of this writing (2:15pm) hasn't been made public. Bass says it has $11.3 billion in revenues, including a sales tax hike, and almost $7 billion in cuts.

Stay tuned. And if you're headed to the Capitol, bring a book. And maybe a pillow.

[update 3:30 pm: Some details of the proposal coming up for a vote are now out... and almost all of its revenue ideas seem similar to those pitched last month by Governor Schwarzenegger, including a sales tax hike, a new oil severance tax, and a nickel-per-drink alcohol tax.

It proposes $2.5 billion in current year cuts to public schools -- a figure equal to Schwarzenegger's plan -- but trims the spending in different areas. And it proposes a $657 million cut (over 18 months) in state worker pay, without specifying how to achieve the savings.

It's doubtful this is a plan the GOP will vote for, but apparently Dems think it's worth the effort.]