Over the next year and a half the state deficit will reach $1 billion. On Tuesday Governor Bill Ritter announced his plans to balance that budget.
Proposed cuts would include a 50 percent decrease in funding to the Colorado Arts Council. A hike in the price for background checks on anyone who wants to buy a gun, as well as cutting the senior homestead exemption. Meaning some property owners over 65 that qualify for the exemption would see their property tax double. All of the Governor's proposed cuts have to be approved by lawmakers and could change depending on the economy.
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