Abercrombie: No new taxes, spending cuts in budget

By AUDREY McAVOY, Businessweek.com

Gov. Neil Abercrombie said Monday that the state won’t need to increase taxes or cut spending any further to balance the budget during the upcoming fiscal year. The state will also be able to pay back the rainy day fund that was used to balance the budget this year, he said.

Abercrombie attributed the state’s fiscal condition to decisions he and the Legislature made during the past year.

“We don’t have to deal with more cuts, we don’t have to deal with more threats of furloughs or anything like that because we’ve made those decisions. What we have to do is stick to them now,” Abercrombie said at a news conference on his budget for the 2013 fiscal year that begins in July.

Legislative leaders cheered the governor’s announcement.

“I’m really happy and elated that there is no proposal for next year by the administration on any tax increases,” said House Speaker Calvin Say, D-St. Louis Heights-Wilhemina Rise.

To read more, visit:  http://www.businessweek.com/ap/financialnews/D9ROC3FO0.htm

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