(February 25, 2004) California Chamber President Allan Zaremberg explained why Propositions 57 and 58 are essential to the state’s economic recovery in a live radio debate yesterday.

Propositions 57 and 58 embody Governor Arnold Schwarzenegger’s California Recovery Plan. “Combined, the two together will help bring some fiscal stability to California,” Zaremberg said.

Opposition arguments in the debate on KQED public radio in San Francisco were presented by state Senator Tom McClintock (R-Thousand Oaks).

Fixing the Fiscal Mess
Zaremberg pointed out that the state got into its current fiscal mess by spending more money than it had. Proposition 57, the one-time bond to pay off the state’s accumulated deficit provides “a way to spread that debt over an extended period of time because the state just doesn’t have the cash to pay for it,” he said.

Proposition 58 “takes a long step by requiring California to live within its means,” Zaremberg noted. Proposition 58 “would ensure that the state can’t borrow to balance the budget in the future, creates a rainy day fund and requires the budget to be in balance when it’s adopted.” Current law requires only that the budget be balanced when it is proposed.

Growing Support
Since ads in support of Propositions 57 and 58 began airing on television and radio two weeks ago, polls show voter support for the measures has risen markedly. A Field Poll released this week showed 50 percent of voters favoring the Proposition 57 recovery bond and 55 percent supporting the Proposition 58 balanced budget requirement.

The ads featuring Governor Schwarzenegger and State Controller Steve Westly highlighted the bipartisan support that put Propositions 57 and 58 on the March 2 ballot. Over the last two weeks, the bipartisan backing of the measures has continued with announcements of support from Democratic U.S. Senator Dianne Feinstein, 10 former chairs of the state Republican Party and Bay Area Democratic leaders and civic organizations.

More information is available on the campaign website at www.yes57and58.org.

Staff Contact: Sara Lee