House and Senate Committees Recommend Nearly 7.5 Percent Budget Cuts; Education and Corrections Spared
Written by: Bryan Cox
The House Ways and Means Committee and Senate Finance Committee each recommended approximately $480 million in cuts to the state budget Friday to compensate for reduced revenue forecasts projected by the Board of Economic Advisors.
These cuts, in addition to liquidating the state?s $133 million Capital Reserve Fund, would cover the shortfall projected by state economists plus an additional one percent cushion in case the economy further worsens. Proposed spending reductions advanced by the House would slash 7.7 percent from the General Fund. The Senate version would cut 7 percent.