State Treasurer Mike Coffman introduced a new plan into Colorado's budget debate Wednesday with a more conservative alternative to a plan already in the legislature. Coffman's plan would cut state income taxes and create a rainy day fund using money from the state's tobacco settlement money.
The plan would allow lawmakers to tap into the fund to cover the state's current budget shortfall. Limits on government growth would go into effect if money in the fund dropped below 6% of the state's general fund budget until lawmakers put enough money back into the funds to top the 6% limit.
House Speaker Andrew Romanoff says the proposal will get a committee hearing, but with the legislature already scheduled to vote on a compromise budget fix within days it is unlikely Coffman's proposal will get out of committee.
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