State Rep. Says Rainy Day Fund A Must

A recently released report by a predominant Colorado economist, has prompted one State Representative to try a second time to get a bill passed that would create a savings fund in case of an economic downturn.

Democrat Representative Bernie Buescher says the economist, Tucker Hart Adams, projects a recession at the end of 2007. Adams predicted the 2001 recession that hit Colorado and forced state budget cuts across the board, especially in health care and education.

According to Buescher right now the state only has about two weeks of operating capital in case of an emergency. He says his Rainy Day Fund Legislation would make it so the state had five weeks operating capital by setting aside money from tax revenues in a budget stabilization fund.

Last year Buescher proposed similar legislation, it passed at the House but didn't make it out of committee in the Senate.