California voters will decide Proposition 2 on the November 2026 ballot, a legislative constitutional amendment to raise the Budget Stabilization Account cap from 10% to 20% of general fund revenues while adjusting interactions with the Gann spending limit. Governor Gavin Newsom and Democratic legislative leaders advanced the measure in June 2026 through unanimous Democratic support in the Legislature, citing needs for larger reserves amid economic uncertainty and federal funding shifts. Early PPIC polling showed roughly 70% of likely voters favoring an increased cap, with no organized opposition committees emerging. These factors underpin trader consensus around a 68.8% probability of passage, reflecting the measure’s alignment with fiscal stabilization priorities and limited partisan contestation to date.