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Spending Caps on Fast Track through State Senate web posted January 29, 2009 COLUMBIA – During a time when South Carolina’s budget woes are forcing cuts to essential services, Senator Glenn McConnell (R- Charleston) is pushing a common-sense plan that caps state government spending and creates a “rainy day fund” that will help during these uncertain economic conditions. The McConnell Plan is moving fast through the State Senate. Tuesday the bill took the key step of passing out of Judiciary Committee by a vote of 22-0. It now heads to the Senate floor. Senator McConnell’s plan establishes a limit on spending based upon a ten-year rolling average of revenue growth coming into the state’s coffers. Any money in excess of the ten-year average growth rate would be set-aside in a revenue stabilization account, which would be used to weather the storm of years when revenue is decreasing. Amounts in excess of the cap can be used for capital improvements, retirement of debt, or tax rebates. “In recent years we have been on a financial roller coaster. We hire when times are good and we fire when times are bad. The revenue stabilization account provides a constitutional bridle that will even out state government spending and provide needed funds during trying economic times like we are now facing,” Senator McConnell explained. The Senate Republican Caucus has announced the plan as part of its reform agenda, making it a top priority for the 2009 legislative session. South Carolina’s Republican Senators are pushing the plan to bring more accountability to state government. “Senator McConnell’s plan caps spending and forces legislators to use every single tax dollar wisely,” Majority Leader Harvey Peeler (R-Cherokee) said. “There’s no doubt that we are facing tough economic problems, but thoughtful Senators like Glenn McConnell are moving past the problems and pushing conservative solutions. We are proud to make this needed reform a top agenda item in 2009.” © Copyright 2009
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