They say the proposal strikes a compromise between providing additional reservoirs and encouraging conservation, yet still provides billions to help the Sacramento-San Joaquin Delta.
The plan, released Thursday, does not specifically say whether it includes money for a peripheral canal to route fresh water around the delta. Court actions requiring more water for delta fish have severely hurt the state's ability to deliver water to cities and farms.
A description released by the administration refers only to "improving water conveyance."
Schwarzenegger and Feinstein crafted the measure in a way they hope will generate support from Republicans and Democrats. They hope to get approval from the Legislature and put it before voters in November.