Sen. Bernie Sanders campaigns in LA in support of Proposition 61

- Sen. Bernie Sanders is campaigning and speaking at a public rally here in Los Angeles in support of Proposition 61, which is aimed at lowering prescription drug prices.

California is one of the few states that empower voters to enact laws affecting state revenue and spending. The proposals going before the state's 18 million registered voters put billions of dollars at stake in this election.

Proposition 61, a proposal to cap what the state pays for prescription drugs at the lowest price the U.S. Department of Veterans Affairs pays, has drawn the biggest spending. Pharmaceutical companies have contributed most of the $108 million that's been raised to defeat it, including $22 million publicly disclosed Thursday.

The AIDS Healthcare Foundation, which placed it on the ballot, has spent about $14 million backing it.

Because Proposition 61 would not force drug companies to change their prices, the state legislative analyst says its fiscal effect on the $3.8 billion market is unknown.

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