Gov. Jerry Brown just vetoed a measure that would have forced him to debate whether so-called "trigger cuts" will kick in if the state runs short on its revenue goals this year. As the LA Times PolitiCal blog notes: "If those taxes don't materialize, up to $2.5 billion in cuts would occur automatically, including the option for local schools to reduce the academic year by up to a week."
What Brown wants is for the state to retain its capability to borrow at historically low interest rates. This is from the governor's press release:
"I am vetoing a third bill that would have undermined investor confidence in California by altering the budget’s mechanisms for automatic trigger cuts. The trigger mechanisms were adopted when I signed the budget and were essential to improving our credit standing. Indeed, our no-gimmick, on-time budget was the reason S&P assigned its highest rating to the short-term notes sold this past week—the first time that’s happened since 2007,” said Governor Brown.