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Rep. Jim Hackworth - House District 33
IMMEDIATE RELEASE May
8, 2008
House Prepares To Begin Their Final
Weeks of the 2008 Session
Expected revenue shortfall looks to take major
bite out of proposed budget
NASHVILLE (May 8) – As the
House of Representatives begins to the final weeks of the 2008 session,
representatives from Bristol to Memphis are preparing for what is
expected to be a difficult budget process thanks to lower-than-expected
state revenue increases.
“Thanks to an effective,
business-minded governor and a responsible, balanced legislature,
Tennessee has been able to weather the Bush recession for sometime
without feeling its difficult financial effects,” said Rep. Jim
Hackworth “Unfortunately, $4 a gallon gasoline and rising healthcare
and food costs have finally begun to take their toll on our state.”
With current projections
estimating a shortfall between $400 and $500 million, cuts to spending
are expected across the board. Most programs expecting funding
increases will now be required to find a reasonable amount of savings
within their existing budget.
“Unlike Washington, D.C.,
where you can just borrow more money from foreign countries to pay your
bills, here in Tennessee we must balance our budget with the funds we
collect,” Hackworth said. “Working families are feeling the
crunch and having to tighten their family budgets, just as we’re going
to have to do the same thing to our state’s budget.”
On Monday, Governor Phil
Bredesen is expected to speak before a joint session of the state House
and Senate to discuss his proposed budget. The House will then
convene for its 88th Legislative Day the following Tuesday.
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