Indiana News

Lawmakers to consider Balanced Budget Amendment

INDIANAPOLIS, Ind. (Network Indiana): You may get to vote next year on whether to require Indiana to balance its budget.

The Senate could vote as early as next week on a measure to force Indiana to keep its budget balanced. Indiana’s constitution already says the state can’t go into debt, but the amendment would ban the state from spending more than it expects to take in, freezing Indiana’s “rainy day” fund for true rainy days.

Governor Eric Holcomb is a fan of the idea, but House Speaker Brian Bosma says similar attempts have failed in the past:

“It certainly does no harm,” Bosma says. “Part of the reluctance, if there is any, is because we have been so good about maintaining a balanced budget without an amendment.”

He adds he’ll study the bill in question, however.

Supporters say the amendment would reinforce the state’s image of fiscal discipline with prospective new businesses, and help the state keep its triple-A bond rating, the highest possible.

If both the House and Senate approve, voters have the final say in a referendum next November.

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