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California Gov. Jerry Brown looks on during the press conference when he announced his proposed budget in Sacramento Jan. 10, 2011

Governor Jerry Brown signed the 2011-2012 budget bill into law Thursday, one day before the new fiscal year begins.

In a statement, Brown called the budget "honest, but painful," and warned that "California’s long-term stability depends on our willingness to continue to pay down debt and live within our means."

The Legislature passed the budget without the support of a single Republican lawmaker. The plan includes deep cuts to social programs and higher education and the elimination of 70 state parks.

The budget calls for more and deeper cuts if the state's revenues fall below certain levels.