From CaliforniaProgressReport.com:
Much of the action on the budget is hidden from public view—or at least obscured—and we will not know parts of it for a few days, as curious members of the public, the media, bloggers, and even the legislators themselves read what they have passed. The main piece of legislation, AB 1801, the budget conference report, which was passed by a vote of 54 to 22 in the Assembly and 30 to 10 in the Senate, is only part of this complex package. There were 12 “trailer bills,” some of them quite complex and byzantine, which also needed to pass with support from two-thirds of both houses for this to become a final product.
Keep an eye on the target.
Look for the resurrection of the indemnification of the Prop 57 bond holders after it failed last November. May be in one of the trailers or, more probably, buried in one of the bond measure initiatives for November. It's at the heart of the Austrian's BigBangBonds strategy and California is dead meat in the bond market without it.