California voters will decide Proposition 2 on November 3, 2026, a legislatively referred constitutional amendment to raise the Budget Stabilization Account cap from 10% to 20% of general fund tax revenues while adjusting capital gains deposit rules and extending debt repayment requirements. The measure, advanced as the Save for California’s Future Act, received supermajority legislative approval in late June 2026 with backing from Governor Gavin Newsom and Democratic leaders, who cited the need for larger reserves to cushion education, healthcare, and public safety funding during revenue volatility. Limited organized opposition and the proposal’s alignment with existing rainy day fund structures from 2014 have shaped trader assessments of passage likelihood. No major new developments have emerged since the ballot placement.