IRVINE, CA — The Orange County Business Council (OCBC) applauds the state legislature for reaching agreement and passing a long-overdue budget that will ensure needed reforms and enable the state to move forward toward rebuilding its economy.
The compromise negotiated under the leadership of Governor Schwarzenegger with Legislative leaders of both parties, resulted in some historic reforms to the state budget process, including a spending cap to help government growth get back in line with revenue receipts. Further, the budget includes serious economic stimulus—with enhanced public-private partnerships, design-build authority, streamlined environmental review and incentives for transportation and other projects that create jobs now when we need jobs the most.
The bi-partisan budget package includes a combination of borrowing, steep spending cuts, and a combination of tax increases, which are not ideal in a troubled economy—yet they do not target any one industry sector and are proposed to be temporary.
“This budget agreement was vital to getting California back on the road to recovery,” said Lucy Dunn, President and CEO of OCBC. “The Council stands ready to assist the Governor and the legislature with the critical work needed to create jobs, attract business to this state, further real regulatory reform and to secure California’s long term economic vitality.”