Denver (AP) Senators are debating whether they should cut money from the state's $17.6 billion budget and put it in a rainy day fund.

Republicans are offering amendments to cut money from different areas of next year's budget to create such a fund. Democrats say they're working on a plan to set up a fund from another source.

Republican Sen. Josh Penry says the GOP had a deal with democratic leaders to set aside about $15 million from next year's budget for a rainy day fund. He says it fell through because of opposition from Gov. Bill Ritter.

Democratic President Of The Senate Peter Groff says lawmakers ran out of time to create a rainy day fund from this year's budget. He says one should still be created but declined to say where the money would come from.