Business Services Industry
Old Debt May Siphon $151 Million from South Carolina Budget Plan.
Knight Ridder/Tribune Business News, May, 2004
By Valerie Bauerlein, The State, Columbia, S.C. Knight Ridder/Tribune Business News
May 7--The Senate blew a $151 million hole in the proposed state budget late Thursday -- a hole the size of the Department of Social Services' and the Department of Juvenile Justice's budgets combined.
A coalition of Democrats and some Republicans loyal to Gov. Mark Sanford cast a 27-11 vote in support of paying back an old debt from 2001. They want to take unexpectedly high tax collections from this year and pay back the debt, rather than spend the money on services in the next fiscal year, which begins July 1.
"I know this puts us in a difficult spot, but I feel like we need to deal with it," said Sen. Vincent Sheheen, D-Kershaw, who is leading the...
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