(July 6, 2005) California Chamber of Commerce President Allan Zaremberg released the following statement regarding the budget deal reached yesterday by state legislators and Governor Schwarzenegger.

“We applaud the Governor and the Legislature for coming together on a budget with no new taxes or borrowing.

“Despite agreement on this year’s budget, California’s budget system is still broken.  California is locked into auto-pilot spending that almost guarantees the state spends more money than it takes in each year.  The ‘Live Within Our Means’ initiative will limit spending on the average of the past three years, so we don’t overspend in good times followed by huge deficits in bad times.”