Washington Roundtable Supports Senate Budget Approach; Applauds Efforts to Protect Economy and Encourage Job Creation

Business Wire, April 3, 2003

Business Editors

SEATTLE--(BUSINESS WIRE)--April 3, 2003

The Washington Roundtable -- a nonprofit public policy group comprised of chief executives from the state's major employers -- came out today in support of the approach taken by Senate Ways & Means Committee Chair Dino Rossi in his biennial budget proposal. Working within the framework of Governor Locke's Priorities of Government budget process, Senator Rossi's proposal addresses the state's $2.6 billion budget deficit by prioritizing spending and reducing expenditures to a level consistent with current revenues.

"This comprehensive budget proposal strategically addresses both the deficit and the long-term need to rebuild our state economy. Though these cuts will be difficult, this budget retains support for essential programs. This prioritization is necessary as Washington lacks the fiscal resources or taxpayer support required to continue funding all programs at anticipated levels," said Richard S. Swanson, Washington Roundtable chair and chairman of HomeStreet Bank.

"The March state revenue forecast further demonstrated the fragility of our state economy and underscored the need for Washington to live within its means. We applaud Senate leaders and Governor Locke for making the recommendations necessary to encourage job creation and move Washington toward long-term fiscal health. During these vulnerable economic times, increasing revenues to address the shortfall will do more harm than good," said Phil Bussey, Washington Roundtable president.

"We are pleased Senate leaders used the governor's budget framework to develop a results-based budget that provides vital services and brings spending in line with revenue. We are hopeful fiscal leaders in the House will recognize the need to hold the line on taxes in order to rejuvenate the economy and put people back to work. We encourage leaders from all sides to work toward that end," Swanson said.

About The Washington Roundtable

The Washington Roundtable is a nonprofit public policy organization comprised of 40 chief executives with a combined workforce of 200,000 employees in Washington state. Since 1983, Roundtable members have worked together to create positive change on critical policy issues that foster economic growth and generate jobs for Washingtonians. More information on the Roundtable's fiscal policy position is available at www.waroundtable.com, click on "Fiscal Responsibility."