2014-04-17T022201Z_1_CBREA3G06LS00_RTROPTP_2_USA-DROUGHT-LEGISLATION

California Governor Brown wants rainy-day fund in constitution

California Governor Brown announces emergency drought legislation at the CalO ES State Operations Center in MatherBy Sharon Bernstein SACRAMENTO, California (Reuters) – California Governor Jerry Brown on Wednesday stepped up his efforts to enshrine a rainy day fund in the state’s constitution, stealing some thunder from Republicans backing a similar measure as he seeks an unprecedented fourth term. Brown, a Democrat who has followed a path of fiscal restraint since returning as governor in 2011 from two previous terms of office in the 1970s and ’80s, is widely credited with restoring stability to California’s battered budget after years of multibillion-dollar deficits. “We simply must prevent the massive deficits of the last decade, and we can only do that by paying down our debts and creating a solid rainy day fund,” Brown said. On Wednesday, he called a special session of the Legislature for next week to discuss his plan for requiring the state to set aside money earned from volatile investments such as those in the stock market in flush years for use later during lean times.

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