**California Proposition 2, the legislatively referred constitutional amendment known as the Save for California’s Future Act, would raise the cap on the Budget Stabilization Account (the state’s primary rainy day fund) from 10% to 20% of General Fund tax revenues, require larger deposits during high capital-gains years, extend mandatory debt-reduction rules through 2039-40, expand eligible liabilities to include federal unemployment insurance loans, and adjust treatment under the Gann spending limit.** The measure advanced with strong Democratic legislative majorities in late June 2026 and appears on the November 3, 2026 ballot. It was negotiated as part of the 2026-27 budget process amid ongoing revenue volatility and prior reserve drawdowns. Trader consensus at roughly 69% Yes reflects broad Democratic backing and the fiscal-stability framing advanced by Governor Newsom and legislative leaders, tempered by Republican concerns over potential spending-limit changes and limited organized opposition. No significant new developments have shifted positioning since the measure qualified.