• Requires enactment of a balanced budget where General Fund expenditures do not exceed estimated General Fund revenues.
• Allows the Governor to proclaim a fiscal emergency in specified circumstances, and submit proposed legislation to address the fiscal emergency.
• Requires the Legislature to stop other action and act on legislation proposed to address the emergency.
• Establishes a budget reserve.
• Provides that the California Economic Recovery Bond Act is for a single object or work.
• Prohibits any future deficit bonds.