Democrats propose less taxes, more debt
Wednesday, May 30th, 2007
By Chris Fitzsimon
Budget plan borrows more than $1.2 billion THE ASSOCIATED PRESS Wednesday, May 30, 2007
RALEIGH
Democrats in the N.C. Senate want to tax less and borrow more than the House in a $20 billion spending plan for next year unveiled yesterday that also uses some of North Carolina’s national tobacco settlement to created a dedicated cancer research fund.
In what’s likely to be a sticking point in final budget negotiations with the House and Gov. Mike Easley for the new fiscal year starting July 1, the Senate plan lets expire two “temporary” taxes first agreed to in 2001, but extended twice since.
The House’s two-year budget approved earlier this month keeps a quarter-penny on the sales tax and a higher income tax bracket for the state’s top wage-earners for another two years. Those moves add about $300 million to the government coffers next year to pay for education and health-care needs.
“We want those to sunset,” said Sen. Kay Hagan, D-Guilford, one of the Senate’s chief budget-writers.
Senate leaders hoped to hold the first of two required budget votes today after three committees signed off on the budget by last night. (more…)
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