Governor Sam Brownback says he’s “very disappointed” in the Kansas House’s failure to pass a tax plan. But he still thinks lawmakers can reach a compromise on how to close a huge budget gap. The governor says he remains focused on filling the state’s looming deficit through tax increases rather than budget cuts.
The governor’s administration claims Kansas’ bond ratings will be hurt if the state legislature doesn’t balance the budget using tax increases. Those ratings determine how much interest the state pays on its debt, and that’s particularly noteworthy now since the state is working to issue $1 billion in bonds to add funds to its pension system and boost its earnings.
