Revenue Downgrade Points to Spending Crisis

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For Immediate Release
July 22, 2016

 2017 Revenue Downgrade Emphasizes Vermont’s Overspending Crisis

Montpelier, Vt. – On Thursday, following reports from state economists that next year’s overall state revenue would fail to meet the initial prediction by $28 million, the Shumlin Administration announced a revenue downgrade for Vermont in 2017. The revised revenue growth rate now stands at 4.8 percent which includes more than $20 million in new taxes and fees passed by the Democrat majority last session.

House Republican Leader Don Turner (Milton) responded, “While many are blaming the underperformance of certain taxes, the important role of Vermont’s ongoing spending crisis in this downgrade should not be overlooked. Time and again, Republican legislators have raised concerns over the overspending cycle perpetuated by the Shumlin Administration in the last six years.”

“Though the Governor announced that his Administration would not need to enact further budget cuts, I remain skeptical. Even with the $95.3 million in increased taxes and fees over the last two years, approved by the Majority and Governor Shumlin, the state cannot maintain the current level of spending. So long as the state spends more revenue than it generates each fiscal year, such financial troubles will continue to plague our state,” said Rep. Turner.

“Without the support of Majority Democrats, we cannot take the necessary measures to rein in spending and grow our economy in sustainable ways. This is the need of the hour. Vermonters deserve better!”


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