Connect with us

Hi, what are you looking for?

Economy

NC House Speaker says ‘zero’ chance final budget becomes law before September

A final North Carolina state budget won’t be enacted until September, the House’s top leader said Monday. That could scuttle efforts by Gov. Roy Cooper’s administration for Medicaid expansion to begin in early fall.

House and Senate Republicans are whittling down dozens of outstanding spending and policy issues within a two-year spending plan that was supposed to take effect July 1.

While some big-ticket items like tax cuts and worker raises have been settled, other details remain unresolved. Add travel and vacations by rank-and-file lawmakers and the narrow GOP veto-proof majorities in the General Assembly, and House Speaker Tim Moore said the periods during which formal business can be conducted in Raleigh are limited.

Sen. Ralph Hise, a Mitchell County Republican and one of the chief budget negotiators, told reporters that votes on a budget agreement could happen in two weeks if differences can be worked out in a reasonable time. Any final budget could be vetoed by the Democratic governor, with override votes to follow.

When asked later Monday to describe the chances that a final budget could be carried out by the end of August, Moore replied: ‘Zero.’

‘Just with some absences I know that the Senate has on their side, and with just some of the logistics that have been talked about … you’re talking about a September date for actual passage — signing (the bill) into law and all that,’ Moore said.

A separate law that Cooper signed in March would expand Medicaid to potentially 600,000 low-income adults, but it can’t happen until a state budget law is enacted.

Cooper health Secretary Kody Kinsley unveiled a plan last month by which the expanded coverage could begin Oct. 1 as long as his agency received a formal go-ahead by legislators to accept expansion by Sept. 1. Otherwise, Kinsley said, implementation would be delayed until at least Dec. 1.

Legislative leaders have refused to permit the implementation of expansion without the budget’s passage, as Cooper has sought. But Moore suggested that Sept. 1 wasn’t a hard deadline.

Legislative leaders have provided few details on neither the agreed-upon pay raises for state employees and teachers nor the extent of additional individual income tax rate reductions. Moore said any pay raises would be made retroactive to July 1.

State government has benefitted in recent years from revenue overcollections, giving lawmakers the ability to spend more, borrow less and reduce tax rates.

The Office of State Budget & Management said Monday that government coffers collected $33.5 billion in revenues for the fiscal year ending June 30, or slightly over $3 billion above what had been anticipated to carry out last year’s state budget law. The total was $89 million less than was projected to be collected in a May consensus forecast by the state budget office and General Assembly staff.

Cooper and State Budget Director Kristin Walker have warned that deeper individual income tax cuts considered by GOP legislators could lead to shortfalls that could affect the state’s ability to adequately fund education.

Moore and Senate leader Phil Berger have said this year’s tax agreement contains language allowing deeper rate reductions only if the state reaches certain revenue thresholds. Berger and Moore planned more budget talks early this week, Moore said.

Moore said he still anticipated that legislators in his chamber would return to Raleigh next week to cast override votes on several vetoes that Cooper issued last month. Other non-budget business also could occur, he said.

<!–>

This post appeared first on FOX NEWS

–>







    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!



    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Stock

    Union members at Ford, Stellantis and General Motors have ratified a new 4½-year contract, locking in at 11% pay increases secured after a six-week...

    Investing

    During the second quarter of 2024, the cannabis sector encountered a familiar set of challenges that have persisted for the past two years, with...

    Editor's Pick

    California Gov. Gavin Newsom announced Sunday that he was appointing Emily’s List President Laphonza Butler as the replacement to former senator Dianne Feinstein (D-Calif.),...

    Investing

    ASX-listed Antilles Gold (ASX:AAU, OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through joint ventures with the Cuban...

    Disclaimer: investmentintellecthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 InvestmentIntellectHub.com