February 19th, 2004

FEINSTEIN JOINS SCHWARZENEGGER AND WESTLY TO BACK PROPOSITIONS 57 AND 58

SANTA MONICA, CA – Senator Dianne Feinstein joined with Governor Arnold Schwarzenegger and Controller Steve Westly today at a press conference in Santa Monica to back Propositions 57 and 58. Having three of the state’s top leaders, two Democrats and a Republican, standing side-by-side in support of 57 and 58 highlighted the fact that the two measures are backed by what is perhaps the biggest, more diverse and most broad-based coalition of support in the history of California initiative campaigns.

“It’s time for Democrats and Republicans alike to put aside partisan politics and do what’s good for our State,” stated Sen. Feinstein. “That is why I am happy to stand with Governor Schwarzenegger today to support Propositions 57 and 58. These two propositions, taken together, will help California’s economic recovery, keep businesses and jobs from fleeing our state and avoid devastating cuts to public safety, education and other critical programs.”

“By the end of June, California will be facing a major cash liquidity crisis that could cause substantial damage,” continued Sen. Feinstein. “If California is unable to meet its bond amortization payments, it will effectively be in default. The damage from this default would ricochet across our entire economy.”

Gov. Schwarzenegger praised the bipartisan nature of the 57/58 campaign, stating it’s high time for Democrats and Republicans to work together in Sacramento.

“When I ran for governor, I said over and over that we needed to change the culture in Sacramento,” stated Gov. Schwarzenegger. “I said that the politicians in Sacramento should be looking for ways to work together, not fight together. I am pleased to report that we are making progress. Neither the Republican Party nor the Democratic Party have a monopoly on good ideas. When we work together, we can achieve much more for the people of California.”

“Do Steve and Dianne and I agree on every issue? Of course not,” continued Gov. Schwarzenegger. “Will there be times we find ourselves fighting just as hard as we are today, but on the opposite sides of an issue? Absolutely. But we are putting aside our differences to help pass Propositions 57 and 58.

The event was the first time Gov. Schwarzenegger and Sen. Feinstein have appeared publicly together since Schwarzenegger’s inauguration in November of last year.

Proposition 57 provides for a one-time $15 billion Economic Recovery Bond to refinance past budget deficits. Proposition 58 requires California politicians to balance the budget every year in the future and prohibits bond financing of any future deficits. It also creates a “rainy day savings account” to be used for paying the bonds off early and helping the state through any future economic downturns. The two measures must both pass for the Balanced Budget Package to take effect.

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