L.A. Area Chamber Statement on Governor Schwarzenegger’s Budget Proposal


August 21, 2008

The Los Angeles Area Chamber of Commerce supports portions of Governor Arnold Schwarzenegger’s compromise budget proposal offered yesterday to the California State Legislature.  The L.A. Area Chamber applauds Governor Schwarzenegger for continuing to make the budget a priority and push for a resolution.

The L.A. Area Chamber supports the Governor’s economic stimulus package to create jobs in a slowing economy, enable flexible work schedules to reduce employee transportation costs, and facilitate public-private partnerships to accelerate needed infrastructure projects.  The Chamber continues to encourage the Legislature to create an effective rainy day fund, and supports the Governor’s budget reforms to increase and manage California’s Budget Stabilization Account (BSA).

“California is running out of money,” said Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce. “The L.A. Area Chamber applauds Governor Schwarzenegger for continuing to place options on the table and we urge members of the Legislature to identify a bipartisan compromise before the state coffers run dry.”

The Los Angeles Area Chamber of Commerce Board of Directors has not taken a formal position on the Governor’s tax package.  The L.A. Area Chamber continues to call for bipartisan collaboration and long-term fiscal reforms outlined in the Chamber’s guiding principles for California State Budget reform.  View the guiding principles for budget reform.

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MEDIA CONTACT:
Gwen Oldham
213.580.7532
goldham@lachamber.com