As reported in the State and elsewhere, the SC House is set to start work on new spending caps. The House plan being worked on would cap state spending increases at the lesser of six percent or population growth plus inflation. A projection of revenue during the House session would determine the budget amount any amount of revenue over the spending cap would be placed in a savings account for emergencies and one time spending or tax cutting events.
The Governor wants stricter measures than the House is working on. But one thing will level the playing field between the Governor, the House and the Senate. Under the plan being worked on now in the House, the Governor's Annual Budget would be audited by state economists, and all three entities would basically work from the same set of numbers. That is not the case now.
I hope that egos and the like do not get in the way of making these budget steps take place. For, I believe it could the first step in a long line of reforms. But, the first step has to be made. I hope the Governor takes a lesson from Ronald Reagan and realizes that "half a loaf is better than none."