Special Session Preview - MSNewsNow.com - Jackson, MS

Special Session Preview

Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) -

State lawmakers are will return to the Capitol Tuesday for a one day special session, dealing with a budget deficit. 

With $350 million in the rainy day fund, Governor Phil Bryant says taking a loan for the budget shortfall is just pocket change when compared to the overall budget of $6.3 billion, but he is concerned about how we got here.

"We've been looking at the numbers in revenue over the past years and the state budget has grown by 13%," said Governor Phil Bryant. "So you'll see at some point where it will begin to level off, it has, $35 million of service tax on oil and gas is one of the issues were having."

Governor Bryant says government spending has grown by $700 million annually since 2012, even with widespread cuts.

So where is the money going? The Governor says the states biggest new debt is being spent on $100 million for teacher pay raises, $33 million on a new department of children protection and a raise for state troopers.

"The truth of the matter is on a national or international level this economy is very fragile we hear predictions of another recession four years in, if you see the fed artificially keeping down interest rates this is not just a Mississippi problem," said Governor Bryant.

Governor Bryant says he hopes to keep the special session down to one day, at a cost of $62 thousand to the taxpayers. To offset future budget shortfalls, state leaders hope to boost tax revenues, and continue to reduce spending.

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