California Gov. Jerry Brown wasted little time in vetoing Thursday the budget sent to him less than 24 hours earlier by the Legislature.

“California is facing a fiscal crisis and strong medicine must be taken,” Brown said in a video announcing his decision. “I am vetoing today because I don’t want to see more billions in borrowing, legal maneuvers  and a budget that will not stand the test of time.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.