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Governor Calls Special Session On Rainy Day Fund

Above: Gov. Jerry Brown spoke at a news conference in San Diego on the day he released his $155 billion proposed budget for 2014-15.

SACRAMENTO, Calif. — Gov. Jerry Brown is calling a special session of the Legislature to make changes to California's rainy day fund.

Brown issued a proclamation Wednesday to replace a measure that's on the November ballot. The Democratic governor wants a new constitutional amendment that will set aside capital gains revenue, provide a reserve for schools and pay down debt faster.

Brown says California needs to strengthen its existing rainy day fund to stabilize its budget, especially in years when revenue dips.

Assembly Speaker John Perez says Brown's proposal will get the state "off the roller-coaster ride of revenue spikes and dips that has caused so much trouble in recent years."

Republicans have criticized Democrats for trying to weaken the current measure, which was pushed back from the November 2012 ballot.

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