California lawmakers are considering giving $500 to every single baby born in the state. The bipartisan bill aims to give babies a financial head start with a savings account.

"Anything we can do to encourage savings and investment and to provide a young adult -- especially young adults from lower income families, families of modest means -- to be able to have a small nest egg to go to college to learn a career, down payment on the house, would be a good thing," said Sen. Darrell Steinberg, D-Sacramento.

At age 18, each child would repay the original $500 gift, but they can keep any interest and additional deposits tax free.

"We're at a point where our middle class needs to grow," said David Lesher from the New America Foundation, a group that invests in non-traditional policy ideas. "We have an income gap with too many rich, too many poor and we don't have enough in the middle class..."

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