"Error budgets" are the god-damn worst idea I've heard of in recent years. SLAs should be realistic goals about what we can achieve with our current techniques and tools, not permission to fail a certain amount.
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We are very transparent internally too. A team or service that is in danger of missing its SLA will generally get more help and relief. For example, several of us joined ELB just after we blew our SLA in 2012. Led to feature pauses, re-architectures, and team growth, in our case.
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Sounds rather like you treat your SLAs like we treat our SLOs. As an SRE, I still like the error budget formulation - if we set the SLO based on good judgement, it allows us to operate the service efficiently - we can choose to pay in error budget or human sweat.
End of conversation
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