(January 11, 2007) California Chamber of Commerce President & CEO Allan Zaremberg yesterday released the following statement today regarding Governor Schwarzenegger’s proposed 2007-08 budget:

“The budget proposal released today is great news for California. Governor Schwarzenegger has presented a budget with no operating deficit, no new taxes and accelerated repayment of our state’s debt, while spending growth has been held to one percent.

“This is a tremendous accomplishment and one that reflects the success of the governor’s attention to our economy. These budget achievements were made possible by the record revenues produced by the governor’s pro-jobs and economic growth policies, not by new taxes. These policies have led to 680,000 new jobs and more than $25 billion in additional revenues since the governor was first elected — revenues the state can use to fund essential services, such as education, public safety and transportation.

“In addition, Governor Schwarzenegger has proposed pre-paying even more of our state’s debt, while leaving a rainy day fund of more than $2 billion dollars. The CalChamber applauds this fiscal discipline, which will help our state stretch the dollars of the recently approved infrastructure bonds to the fullest and pave the way for California to take the next step in building for the future.”

Staff Contact: Vince Sollitto