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California Lawmakers Send "Rainy Day Fund" To Ballot

CalChannel screenshot
 

CalChannel screenshot

The California Legislature has voted to send a “rainy day fund” constitutional amendment to the November ballot.

There was no disagreement about the budget reserve deal reached by Governor Jerry Brown and legislative leaders – only about how to frame the debate.  Democrats praised the rainy day fund but said it shouldn’t swallow up every dollar in the budget.

A “rainy day fund’s important to be fiscally prudent. At the same time, investments in human capital (are) equally as important,” said Sen. Kevin de León (D-Los Angeles).

Republicans took a rare victory lap on an issue they’ve fought for repeatedly in recent years. 

“While you may not believe it to be perfect, it is significantly stronger than existing law,” said Assembly Minority Leader Connie Conway (R-Tulare).

The Assembly and Senate votes were both unanimous.

As a constitutional amendment, the measure bypasses the governor’s desk and goes directly to the November ballot.

It’ll replace a separate “rainy day fund” ballot measure negotiated during a previous budget deal under former Governor Arnold Schwarzenegger.

 capitolcabudget2014govraceelection 2014