California legislative leaders and Governor Gavin Newsom placed Proposition 2 on the November 2026 ballot through ACA 20, proposing to raise the constitutional cap on the Budget Stabilization Account from 10% to 20% of estimated General Fund revenues while adjusting interactions with the Gann spending limit. The measure, framed as the Save for California’s Future Act, aims to expand reserves during revenue surges and allow greater flexibility for debt repayment during fiscal stress. Bipartisan leadership support and the absence of organized opposition have contributed to the current trader consensus favoring passage at 68.8% implied probability. Upcoming campaign developments and voter turnout patterns in the November election could still influence final outcomes.