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Lawmakers Prepare for Budget Balancing Act

December 10th, 2008 by flanews

Lawmakers arent ruling out new taxes to help balance the state checkbook.

State senators were briefed one the budget today. Declining sales tax collections have helped spur a two billion dollar budget shortfall. A special session to balance the budget will likely be called in January. State Senator Nan Rich said while spending cuts are likely, lawmakers will also consider raising taxes to generate revenue.

We cant make more cuts without really hurting the most vulnerable people in our communities and I think we have to have everything on the table. We have to look at new resources and Im hoping that is whats going to happen, said Rich.

The work isnt over once this years budget is balanced. State economists estimate a 30 billion dollar budget shortfall over the next four years.

Posted in Economy, Legislature, State Budget, State News | No Comments »

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