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Follow the money: how the Senate pays for its budget

Perhaps the biggest news story of the week is the release of the Senate leadership’s budget proposal. Yesterday, the Budget and Tax Center provided [1] an overview of what the budget pays for. Today, we took a close look at how it’s paid for.

How the state will raise the billions of dollars that fuel the state budget gets relatively little scrutiny compared to the rest of the budget. But because the Senate budget this year includes tax cuts for the rich, dramatically reducing resources to pay for vital services, it’s more important than ever to examine how the state will make up for the tax cut’s $770.2 million price tag in the next biennium.

Here’s what’s important for you to know about how the Senate pays for its FY2014 budget:

The General Fund availability statement is summarized in the chart below.

Senate GF Availability chart [4]