**California Proposition 2**, a legislatively referred constitutional amendment on the November 3, 2026 ballot, would raise the Budget Stabilization Account cap from 10% to 20% of general fund tax revenues, boost deposits during high capital gains years, extend required debt payments through 2040, expand eligible liabilities including federal unemployment loans, and adjust Gann Limit treatment of reserves. The measure advanced through the Legislature in June 2026 with broad majorities and bipartisan backing from Governor Newsom and legislative leaders. Recent polling shows solid support around 60%, while cross-aisle endorsements highlight its role in managing revenue volatility and protecting core services during downturns. Limited organized opposition and the absence of major fiscal controversies have sustained trader consensus near 71% for passage.