Finally! Orange County Business Council Responds to Budget Agreement

IRVINE, CA--(Marketwire - February 19, 2009) - The Orange County Business Council (OCBC) applauds the state legislature for reaching an agreement and passing a long-overdue budget that will ensure needed reforms and enable the state to move forward toward rebuilding its economy.

The compromise negotiated under the leadership of Governor Schwarzenegger with Legislative leaders of both parties resulted in some historic reforms to the state budget process, including a spending cap to help government growth get back in line with revenue receipts. Further, the budget includes serious economic stimulus -- with 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 bi-partisan budget package includes a combination of borrowing, steep spending cuts, and a combination of tax increases, which are not ideal in a troubled economy -- yet they do not target any one industry sector and are proposed to be temporary.

"This budget agreement was vital to getting California back on the road to recovery," said Lucy Dunn, President and CEO of OCBC. "The Council stands ready to assist the Governor and the legislature with the critical work needed to create jobs, attract business to this state, further real regulatory reform and to secure California's long term economic vitality."

About OCBC:

The Orange County Business Council is the leading voice of business in Orange County, California. OCBC represents and promotes the business community, working with government and academia, to enhance Orange County's economic development and prosperity in order to preserve a high quality of life. OCBC serves member and investor businesses with nearly 200,000 employees and 2,000,000 worldwide. In providing a proactive forum for business and supporting organizations, OCBC helps assure the financial growth of America's fifth largest county. For more information, visit www.ocbc.org.

Contact Information: CONTACT: Matt Prince Director of Communications 949.794.7221