Lawmakers, Brown compromise on rainy day fund

Published May 9, 2014 12:22am ET



SACRAMENTO, Calif. (AP) — Gov. Jerry Brown and legislative leaders on Thursday agreed to replace the rainy day fund measure on the November ballot with a bipartisan plan that would set aside revenue of up to 10 percent of California’s general fund and dedicate money to paying down the state’s massive debts and liabilities.

The Legislature is expected to vote on the replacement measure next week. It would then supersede the measure already slated to go before voters in the general election.

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