Thursday, April 30, 2009

Budget Continues to Grow, Revenues Not So Much!

The House Ways and Means budget continues to expand today. In fact, nearly $400 million has already been added to the FY10 budget this week alone. However, the Majority Party is using new taxes to justify the increased spending. As you know, on Monday night, the House overwhelmingly approved an increase to the sales tax, a move the Democrats say will bring in $900 million. What they are neglecting is that revenues have been dropping consistently month to month. For this reason, Republican lawmakers today made a motion to postpone further debate until the April tax collection data is released.

Seems reasonable, right? Apparently not. That motion was rejected and we expect the House to add another $200 million dollars to the budget before the night is over. This despite the fact that much of the new spending will be unsustainable.

Keep checking for your latest budget details.