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| Inside
the State House: State Leaders Meet to Bridge Budget Gap
As we go to print, the economic scenario for FY2003 continues to look grim with a projected deficit of $2 billion. In recent days, House Speaker Thomas Finneran, Senate President Thomas Birmingham, and outgoing Acting Governor Jane Swift have met to consider possible revenue sources to close the FY2002 $800 million budget gap in preparation for the introduction of the House FY2003 budget in late April. Some of the revenue sources under consideration include the state's rainy-day fund, 2002 tobacco settlement payments, the state's pension fund, and a capital projects fund. Not yet being seriously discussed is the delay of the income tax cut approved by voters last year, however it is expected to come up in discussions about the FY2003 budget. Delaying the cut by one year would provide the Commonwealth with $200 million in additional revenue. As revenue and budget debates continue, Facts in Action will provide current information. You can also find updates on Statehouse activities on our website factsinaction.org and through our email listserv (to sign up for the email listserv, log on to factsinaction.org/signup.htm.) Facts in Action, April 2002 |
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