Where Did All the Money Go?

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January 17, 2001

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Legislative budget-writers are warning that there will be very little money available for new spending in the state budget currently under consideration in the Capitol. This is a stark contrast to the last two legislative sessions, during which lawmakers competed over who could cut the most taxes. Unsurprisingly, there is a direct connection between the tax-cut fever of the past sessions and the tight budget scenario now. The tax cuts enacted in 1997 and 1999 have reduced the amount of state revenue available to fund the 2002-03 budget by $2.6 billion.