Quantcast

NC House panel passes idea to limit budget growth - Greenville, NC | News | Weather | Sports - WNCT.com

NC House panel passes idea to limit budget growth

Posted: Updated:
RALEIGH, N.C. -

A popular idea among conservatives to attempt to limit the growth of government spending has been approved in a North Carolina legislative committee despite arguments it could hurt the state's ability to borrow money cheaply.
    
The panel voted mostly along party lines Thursday for a "Taxpayer Bill of Rights" that ultimately would have to be approved by citizens in a constitutional referendum in November 2014.
    
The measure would limit spending growth annually to no more than population growth and inflation. Excess revenues would be placed in the state's rainy day reserve fund. Once the fund is full, extra revenues would be returned to taxpayers.
    
Deputy State Treasurer Vance Holloman told the committee the measure could tie the hands of legislators to raise revenues during difficult fiscal times.

Powered by WorldNow

3221 South Evans Street
Greenville N.C. 27834

Telephone: 252.355.8500
Fax: 252.355.8568
Email: newsdesk@wnct.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.