DETROIT, July 13, 2009 – In response to the state budget bills recently passed by the Michigan House and Senate, Detroit Renaissance, a private, non-profit leadership organization dedicated to accelerating Michigan’s economic growth, released the following statement:
When the senate passed their budgets before their two week break, they sent a powerful message to the state of Michigan by making some tough decisions needed to balance the state budget. While the cuts they made were extensive and may be unpleasant, we appreciate their recognition that Michigan is in financial crisis. The state must get its fiscal house in line if it will erase the $1.7 billion deficit it is facing in the fiscal year that begins October 1.
The state cannot rely on federal stimulus money as a quick fix to its budget problems and it cannot continue to spend more than it takes in. Detroit Renaissance and other business organizations have urged legislators to pass long-term, structural reforms along with spending cuts as long term solutions to make Michigan more attractive for job creation and investment growth. These are tough decisions and we commend the Senate for recognizing the seriousness of the issue and taking the appropriate action. Polling data also shows the public is aware of the state’s severe fiscal situation and expects leaders to take action to correct the problem.
We recognize there are still a number of steps left in the budget process. Detroit Renaissance now urges both chambers to agree on a budget that will reflect the accurate revenues coming in to the state.
About Detroit Renaissance:
Detroit Renaissance provides leadership to accelerate the economic transformation of Detroit and Southeast Michigan. Renaissance accomplishes this work through serving as a catalyst to develop growth strategies, advocating for those strategies and championing specific initiatives that accelerate growth. A 501(c)(3) organization that was formed in 1970, Detroit Renaissance includes the chief executive officers of the region’s most significant employers and universities. For more information, visit www.detroitrenaissance.com.