Revenue increases would make up only eight percent of the actions taken to balance the state budget for fiscal years 2009 to 2011, under the budget agreement released this morning.
By contrast, the largest share (36 percent) of budget actions would come from cuts in state services. Thirty-two percent would come from federal recovery funds and 24 percent from transfers and changes, including using the state rainy day fund.
These modest revenue increases will help maintain essential priorities such as health care and education while the economy recovers.
Stay tuned to schmudget. In the coming days, the Budget & Policy Center will be posting detailed analyses of the final budget agreement.