"I cannot sign a budget that has tax increases in it," Schwarzenegger told the media after meeting with Assembly Speaker Karen Bass and Senate President Pro Tem Darrell Steinberg.
The session came one day after the Legislature's joint budget conference committee, on a party-line vote, adopted a plan that included tax and cigarette taxes to help bridge a $24 billion budget gap.
Schwarzenegger noted that the state budget adopted in February called for a major tax increase - more than $12 billion - that he called the largest in state history.
"To now, four months later, come out with another tax increase is irresponsible," the Republican governor said.
GOP legislators consistently have railed against tax hikes.
Schwarzenegger also objected to Democrats' refusal to tack an additional 5 percent salary cut onto the two days of unpaid furlough currently imposed upon state workers during the fiscal emergency.
"To go back to the people and to say, 'We want to increase your taxes but we want to protect the salaries of state workers,' all of this doesn't fly well with the people of California," he said.
Schwarzenegger said Democratic leaders were told emphatically where he stands.
"I will, without any doubt, veto it," he said of the budget plan.
Schwarzenegger added that he wants a budget plan that will bridge the entire projected deficit of $24 billion, not a stopgap measure to "kick the can down the alley."
The plan must consist of permanent solutions to the state's fiscal problems, not one-time revenue that sparks ongoing spending commitments, Schwarzenegger said.
When Schwarzenegger was reminded that his own budget plan contains some one-time revenue proposals, such as acceleration of income tax payments, he smiled.
"Very good point," he said. "We don't want to add to the problem."