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SACRAMENTO, CA – California Republican Party Chairman Tom Del Beccaro today issued the following statement regarding Standard & Poor's review of California's economic climate:
"Today's news is filled with economic storm clouds about lagging revenues and a warning from a rating agency about our budget woes. All can be tied back to our status as an unfriendly place to do business and create jobs. Indeed, California is consistently ranked at the bottom of the country as a place to do business. Until we bring jobs back to this state our revenue problem will continue. Raising tax rates, on the other hand, will only accelerate job losses."
BACKGROUND
AP: S&P worried about possible Calif budget gimmicks - http://bit.ly/IUmF7J
L.A. TIMES: S&P sounds alarm over April tax revenue - http://lat.ms/Ipf2Gz
California tax revenue $3 billion less than target, report says - http://lat.ms/IwUwqV
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