Phil Bredesen has taken great pains to point out how he has grown the rainy day funds to unprecedented levels.
This is NO time for Craig Fitzhugh to tell us that spending can't be cut. Spending can always be cut, ask any Tennessee Taxpayer!!!
After Goetz and other state budget officials briefed lawmakers this morning, House Finance Committee Chairman Craig Fitzhugh told us that another $100 million will be needed from the rainy day reserve to close this year’s budget.
The deficit has been created by low tax receipts in May, and it cannot be filled in any other way, Fitzhugh said. He added that it’s likely means revenues projections for next year will have to be lowered again, which are estimated based on receipts this year.