February 5th, 2004

SILICON VALLEY LEADERS BACK 57 AND 58

SAN JOSE – A virtual who’s who of California high tech leaders and executives today pledged their backing and support for Propositions 57 and 58, calling passage of the two measures a critical first step in putting the state’s fiscal house in order. Joined at the endorsement event by Governor Arnold Schwarzenegger and Controller Steve Westly, the high tech leadership pledged to do everything they could to ensure passage of 57 and its companion measure, 58, on the March 2nd ballot. The group included representatives from the state’s most influential and important high tech organizations and advocacy groups including the Silicon Valley Manufacturing Group, TechNet, the San Jose Silicon Valley Chamber of Commerce and the American Electronic Association (AeA).

“Passage of Propositions 57 and 58 is vitally important to California’s economic strength, as well as the business climate in our state,” said Carl Guardino, President and CEO of the Silicon Valley Manufacturing Group (SVMG). “Representing many of the state’s most dynamic and innovative employers and employees, SVMG stands with our Governor and state Controller in pledging our strong support for 57 and 58. They are California’s best hope to put our state’s fiscal house back in order.”

"The high tech industry is absolutely critical to California's economic recovery and I am proud to stand here today with so many of its leaders as they pledge their support for Propositions 57 and 58," stated Governor Schwarzenegger. "One of the reasons Silicon Valley has been so successful is because its leaders are all united in common purpose. It does not matter here if you are Republican or Democrat. What matters here is getting results and making progress. The campaign for 57 and 58 is exactly the same way. We are Republicans, Democrats and Independents all united for the common purpose of putting California back on track."

“California’s budget problems began when the bubble burst. We need Prop 57 and 58 to fix the state’s budget problems and revitalize Silicon Valley’s economy,” said State Controller and former eBay Senior Vice President Steve Westly. “Props 57 and 58 are essential to the economic recovery that will keep and create jobs in the Silicon Valley and throughout California.”

“Props. 57 and 58 will help stabilize our current budget crisis so we can move on to improving California’s business environment,” said Roxanne Gould, Vice President of the American Electronics Association (AeA). “With a stable budget and a plan for future economic stability, California’s business and jobs environment will improve, our tax base will increase and we will be able to ensure that vital programs like education and public safety are protected in our communities.”

“We support the passage of Propositions 57 and 58 because these initiatives will encourage a strong economy and job growth in the Silicon Valley and throughout California,” said Jim Cuneen, President and CEO of the San Jose Silicon Valley Chamber of Commerce, representing 2,000 private sector companies and non-profit organizations. “We are pleased to join with a broad and bi-partisan coalition of employers and employees, educators and taxpayer groups in urging a ‘yes’ vote on Propositions 57 and 58 on March 2.”

“TechNet is proud to join today with California Governor Arnold Schwarzenegger and Controller Steve Westly in strong support of Propositions 57 and 58,” said Rick White, President and CEO of TechNet. “Simply put, we cannot restore California's economy if our state's finances remain in disarray. The strong economy created with passage of Propositions 57 and 58 will help ensure that Californians have good paying jobs and our communities can sustain vital public services.”

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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