Instead of hype, how about honesty?

BACK IN MASSACHUSETTS, Barack Obama's words always sound familiar, whether he is promising hope or a magical way to roll back taxes and increase government spending. His friend and rhetorical inspiration Governor Deval Patrick promised all of the above.

Patrick told voters he could provide property tax relief and implement new programs. Part of Patrick's solution involved the closing of so-called corporate tax loopholes. "Close corporate loopholes" was also Obama's answer when he was asked during the first presidential debate how he would pay for the $800 billion that Republican John McCain contends his Democratic opponent would spend on new programs. Obama disputed the price tag, but provided few further details on how he would fund his agenda.

In Massachusetts, Patrick's math never added up either. Last July, the Bay State governor signed a law that changed some aspects of the state's corporate tax code. The closing of tax loopholes was supposed to generate an additional $500 million for state budget coffers.

Despite those changes, Patrick is now preparing for "hundreds of millions" of dollars in layoffs and budget chopping, the painful but necessary response to damage inflicted on revenues by the national financial crisis. Tax revenues in Massachusetts are shrinking.

The state's Department of Revenue recently reported that revenue for the first quarter had come in $223 million below expectations. Nearly every type of state collection is down, including corporate, sales, and excise.

At the same time, credit is harder to obtain. Last week, the state treasurer delayed floating a $750 million revenue bond, with the hope that the market will be calmer after Congress passes a new Wall Street bill.

At a recent press conference, Patrick acknowledged the truth about budgeting during a tough fiscal downturn. "The road ahead will be rough," he said.

The road is even rougher in California, where Governor Arnold Schwarzenegger is warning US Treasury Secretary Henry M. Paulson that his state might need an emergency loan from the federal government of as much as $7 billion.

California is running out of cash to run day-to-day government operations, and, like Massachusetts, is having trouble accessing short-term loans. If it can't get the money it needs, it can't make payments to schools and other public entities.

In a letter obtained by the Los Angeles Times, Schwarzenegger wrote to Paulson, "California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing."

While governors are forced to acknowledge harsh fiscal reality, the presidential candidates continue to dodge it. During their first debate, Obama and McCain evaded repeated questions from moderator Jim Lehrer, who pressed both candidates on what they would give up, in terms of priorities, in light of the current fiscal crisis.

"There are a range of things that are probably going to have to be delayed," Obama said, without specifying. He said he still hopes to "invest in alternative energy, fix our healthcare system. . . make sure that college is affordable. . . and rebuild infrastructure."

Meanwhile, Obama is also promising to roll back the Bush tax cuts.

McCain said he would cut spending and lower taxes. McCain also tossed out the general notion of a spending freeze on everything but defense, veteran affairs, and entitlement programs.

Both presidential candidates seem blissfully out of sync with the overall message of doom and gloom emanating from financial analysts.

In Massachusetts, Patrick isn't giving any details on budget cuts he expects to impose before Oct.15. But he is acknowledging that some long-term spending initiatives and promises from his 2006 campaign might be curtailed.

The governor also said he might try again to revive his pet plan for casinos, which he estimates could generate hundreds of millions of dollars.

From Massachusetts to the presidential campaign trail, citizens need less hope and hype and more honesty about what it takes to live within their means.

Correction: My column on the vice presidential debate incorrectly quoted Sarah Palin. Here is the correct quote: "And I may not answer the questions that either the moderator or you want to hear, but I'm going to talk straight to the American people."

Joan Vennochi can be reached at vennochi@globe.com.