Statement by Senator McKinney on Comptroller’s Letter

October 1, 2008

“The Comptroller has confirmed what OFA, OPM and Republican leaders have been saying all along: the state has a $300 million budget deficit. This deficit forecast is extremely troubling, but not nearly as troubling as the Comptroller’s proposed remedy,” said Senator McKinney. “There is not enough money in the rainy day fund to balance the deficits we are projected to face over the next two years. In fact, raiding the rainy day fund this year virtually assures a tax increase in 2010 and 2011. It is akin to treating the symptoms, but not the disease.

“This legislature must work with Governor Rell to make the difficult decisions necessary to balance this budget. When a family’s expenses start to outpace their income, they do not address the problem by raiding their savings accounts. They first make adjustments to their spending habits. The state must do the same. Most importantly, we need to begin working on solutions now. Everyday we wait, the problems get worse and the solutions become more difficult.”