TITLE

Suit Looms After Arizona Governor's Line-Item Budget Vetoes

AUTHOR(S)
Williamson, Richard
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Republican legislative leaders are threatening legal challenges after Arizona Governor Janet Napolitano used line-item vetoes to restore $65 million to a $6.5 billion budget for fiscal 2004 passed in one of the state's longest sessions on record. Angry Republicans could also exact revenge by withholding funding for the more than $1 billion worth of bond-backed projects favored by Napolitano and still awaiting legislative approval. The additional funding added by the vetoes could leave the state with a projected $380 million revenue shortfall in fiscal 2005, which begins July 1, 2004. Jake Logan, spokesman of House Speaker Jake Flake, said the additional pressures on state reserves could also endanger the state's credit rating, currently AA-minus by Standard & Poor's Corp. and A1 by Moody's Investors Service. To balance the budget, the Republican-controlled Legislature had to cover a record $1 billion revenue shortfall produced by the severe economic downturn.
ACCESSION #
10125549

 

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