State Rep. Tony McCombie (R-Savanna) said the new spending and revenue bill passed by the Legislature will keep the state on its continued troubled financial path and “will take years to bounce back from.”
McCombie said in a statement the new budget fails to address the state’s unpaid debts or ensure that schools will open in the fall and that the legislation leads to further financial instability.
“The passing of the budget does not stabilize our financial future, and rating agencies are still looking at downgrading our State to junk status,” McCombie wrote.
“The budget does have a plan to pay the backlog of bills by issuing $6 billion in general obligation bonds, and will have $1.2 billion worth of inter-fund borrowing. Even with a 32 percent income tax increase, the inter-fund borrowing … the budget will sweep $293 million in funds hurting our most vulnerable,” McCombie said in her statement.
“Yesterday, 71 members passed a ‘balanced budget’ that will take years to bounce back from,” McCombie wrote in her post.
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