OCBC Responds to State Budget Proposal: Get It Done!
OCBC looks to the silver lining on the proposed budget deal—there is one, maybe even a couple. It appears there’s an attempt at a framework for a real solution that has been negotiated under the leadership of Governor Schwarzenegger with Legislative leaders of both parties. Yes, it has tax increases—in a troubled economy, this is not good—yet they do not target any one industry sector, but are levied on most of us and are proposed to be temporary. Yes, there are deep spending cuts and a spending cap proposal to help government growth get back in line with revenue receipts.
Most important to the business community, the proposed budget has serious economic stimulus—which we love—including 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 government efficiencies proposed are long overdue as well. Further, we understand a significant portion relies on some fair share of federal economic stimulus—great. As long as Congress is going to vote those billions out, California should get its federal tax dollars home now when it needs them most.
Look, we know the tax part of this proposal is ugly but the state is out of money, projects are being halted everywhere, the legislature is out of time and the business community is out of patience. We urge both Republicans and Democrats to vote yes, and Governor Schwarzenegger to sign it. Then all must continue the long-overdue work needed to create jobs, attract business to this state, further real regulatory reform and turn California golden once again. Get it done!
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