Sen. Rodney Tom: Cuts, revenue ideas that “we never dreamed of”

Sen. Rodney Tom, speaking to reporters after the revenue forecast (which you can read about below), said he think the state will “be making cuts that we never dreamed of and considering revenue packages that we never dreamed of.”

He said the $2.6 billion can’t be made up easily through cuts — particularly since this is a supplemental budget year.

“The stock market is always a leading indicator by about a year. Stocks are up significantly,” he said. “We need to make sure that when we’re looking at the decisions both on the revenue side and the cuts side, that we’re taking a long-term view … too often we get in the expediency of the day.”

Rep. Ross Hunter: “Unlike the federal government … we don’t get to print money,” he said the state also can’t carry a deficit. “I’m concerned about the impact in consumer confidence … but we will balance the budget … because we have to.”

Hunter said consumer confidence is more affected by national news than local actions.

Sen. Tom said most other states have similar revenue problems, regardless of whether they’re Democratic or Republican controlled. “All of us need to work across the aisle,” he said.

Tags: Revenue forecast, taxes