No, that 55% initiative is still in the signature-collecting stage. It could not possibly appear on this ballot, though it could appear on the March primary if they get it certified at least 131 days before March 2, 2004. Connerly's Racial Privacy Initiative (RPI, aka CRENO) is #54.It's getting some coverage in the news and on FR, but the other proposition is not getting much coverage.
Propsition #53 is a legislative referendum to dedicate an increasing percentage of the budget to "infrastructure," which includes transportation, roads, water, parks, schools, etc., up to 3%, and allows the legislature to decide how to spend the money.
The idea is that we pass water bonds, school bonds, and transportation bonds almost ever election, so why not just dedicate a permanent budget for those projects instead of asking voters each time. Of course, the 3% doesn't preclude additional bonds.