California Proposition 2, the Save for California’s Future Act, advanced to the November 2026 ballot after legislative passage in late June with strong Democratic support in both chambers and backing from Governor Gavin Newsom. The measure would raise the constitutional cap on the Budget Stabilization Account from 10% to 20% of general fund revenues, accelerate deposits during high capital-gains years, expand eligible debt payments including unemployment insurance loans, and exempt certain reserves from the Gann spending limit. These changes address revenue volatility while protecting school funding and core services. With roughly ten weeks until Election Day and limited organized opposition reported to date, trader consensus assigns a clear majority probability to approval.