California's Proposition 2, a legislatively referred constitutional amendment on the November 2026 ballot, would raise the cap on the state's Budget Stabilization Account rainy day fund from 10% to 20% of General Fund revenues while adjusting Gann Limit interactions and expanding debt repayment options. The measure advanced in late June 2026 after Governor Gavin Newsom and Democratic legislative leaders announced the Save for California's Future Act, which passed both chambers with bipartisan procedural support. Analysts note its alignment with prior nonpartisan recommendations to build larger reserves against economic volatility and safeguard school funding and core services. Trader consensus at 68.9% for approval reflects the measure's official backing, limited organized opposition to date, and historical voter patterns favoring fiscal stabilization proposals, though outcome remains subject to campaign developments and turnout.