Senate Judiciary Approves State Spending Limit Legislation
And Creation of a Budget Stabilization Fund
Columbia, SC – The Senate Judiciary Committee today gave unanimously approved legislation establishing a new formula limiting state spending. Senate President Pro Tempore, Senator Glenn McConnell (R-Charleston), introduced the historic legislation as a way to curb state spending and stabilize the budget in years of economic downturns.
“The Budget Stabilization Fund will take the State off the financial roller coaster that affects the budget on an annual basis and prevent run-a-way spending,” says Senator McConnell. “This spreads the money out so that our growth and the handling of finances represents the 10 year average of annual growth increases. I’d also like to point out that there is nothing in the legislation that would prevent the General Assembly from spending less money.”
The Constitutional Amendment (S.718)