SACRAMENTO, Calif. -- The state Legislature has overwhelmingly passed a fresh version of a rainy day fund measure for the November ballot.
The bipartisan plan approved Thursday seeks to smooth out the boom-and-bust cycles of state budgeting while creating a clear path for paying down California's massive debts and unfunded liabilities.
Lawmakers voted 75-0 in the Assembly and 36-0 in the Senate to replace a rainy day fund measure already scheduled to go before voters this fall. The proposed constitutional amendment required a two-thirds vote in both houses and easily surpassed that threshold.
It does not require action by Gov. Jerry Brown, who negotiated the deal with legislative leaders of both parties.
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