We have followed our budgeting principles, and put forth a balanced and responsible budget:
- We will spend less than the state collects
- We will not use one-time money to fund on-going needs
- We will not balance the budget by intentionally underfunding programs
- We will return unused tax dollars to Iowa’s taxpayers
House Republicans have set a budget with modest revenue growth of 3% and that only spends 98 cents of every $1 the state collects.
The Democrats have proposed a budget that:
- Spends $1.05 for every $1 the state collects.
- Has revenue growth that is 8% higher than the 20 year average (Revenue growth has averaged 3.34% since FY93).
- Has revenue growth 2% higher than the 20 year maximum (Revenue growth was 9.05% in FY08).
- Spends $300 million in one-time revenue for ongoing expenses.
The Democrats budget is a return to Culver Economics which sets the state up for painful budget cuts like we saw in 2009.
House Republicans budget is sustainable and keeps the state in a good financial position moving forward.