Senate’s proposed budget “misguided” and “irresponsible”
Tuesday, June 24th, 2008
By Staff
Hopefully, the budget conferees will continue to not follow the Senate’s lead because the Senate’s proposed budget is fiscally irresponsible and does not target the limited dollars available at the needs of low- and moderate-income working families – the people most affected by the current downturn in the economy. The Senate budget would leave a $172 million gap between recurring spending and recurring revenues, and it includes $662 million in new non-voter-approved debt with no dedicated funding source. That means future legislators would have to scramble to find the money to pay for those recurring needs while at the same time trying to pay down this debt. In addition, the Senate budget does not provide funding for several important initiatives that support low-income working families, such as an increase in the state refundable Earned Income Tax Credit, which is included in the House budget.
Click here for the newest NC Budget & Tax Center report on the Senate's prosed budget .
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