House GOP sets sights conservatively on spending
During much of the last decade December has greeted legislators with gloomy revenue forecasts that confirm there won’t be enough money to pay for the spending they budgeted in April. Drastic budget reductions ensue in order to balance the budget in final few months of the fiscal year.
Generally, legislators respond as if trapped in the Bill Murray comedy Groundhog Day. Year-after-year they pass budgets in April based on revenue estimates that they surely know will require severe pruning come December. (Unlike Congress, the Colorado legislature is constitutionally required to balance its budget.)
This week, House Republicans — back in the majority after six years in the cheap seats — signaled that this practice will change, arguing for a spending target nearly $200 million below the more conservative of two forecasts by government economists. (more…)