It all comes down to storage.

Senate Republicans are out with a counteroffer in ongoing water bond negotiations, an $8.7 billion measure that prioritizes new dams and reservoirs.

The measure allocates $3 billion where plans from Governor Brown and the majority party propose $2 billion.

GOP leaders say their plan meets Brown's call for a "no frills" bond that costs less than an $11 billion measure, written in 2009, that is currently on the November ballot.

They say they'll campaign for the old bond if there's no deal on a replacement.

"The people of California want the Legislature and the governor to come to a consensus on a water bond, and that is the intention of this proposal," said Senator Andy Vidak. "Let's negotiate an agreement that works for all Californians or let the people vote on the bipartisan water bond that's already on the November ballot. It's time to lead, not delay."

Senate Democrats are pushing a $7.5 billion proposal and the governor issued a rare campaign e-mail this week touting a $6 billion bond. Republicans and some Central Valley Democrats deemed it insufficient.