WE LEARN THEM.
(PL)
ALSO THIS MORNING...
RHODE ISLAND LAWMAKERS BUSY
BALANCING THE BUDGET.
THE CORONAVIRUS CREATING A MORE
THAN 200 MILLION DOLLAR DEFICIT.
(DN)
THIS MORNING WE ARE GETTING A
LOOK AT HOW THEY PLAN TO DO IT.
EYEWITNESS NEWS REPORTER BRANDON
TRUITT IS LIVE IN PROVIDENCE
BRANDON -- LAWMAKERS ARE TAKING
THIS UP AGAIN TODAY.
THEY HAVE EXACTLY TWO WEEKS TO
FILL THE HOLE CREATED BY THIS
PANDEMIC.
TONIGHT -- BOTH THE SENATE AND
HOUSE FINANCE COMMITTEES WILL
MEET TO GO OVER A PLAN RELEASED
YESTERDAY.
THAT PLAN -- LAID OUT A POSSIBLE
SOLUTION TO FILLING THE GAP.
RIGHT NOW -- THE STATE NEEDS TO
INCREASE IT'S BUDGET FROM 10
BILLION --- TO 11.8 BILLION
DOLLARS.
AN INCREASE OF NEARLY 2 BILLION
DOLLARS.
ONE LAWMAKERS TELLING US 1.4
BILLION OF THAT IS FOR
UNINSURANCE CLAIMS ALONE.
SOME OF THAT WILL BE COVERED BY
FEDERAL FUNDS.
THE STATE IS SEEING A 280
MILLION DOLLAR REDUCTION IN
REVENUE.
LAWMAKERS PLAN TO USE MORE THAN
120 MILLION DOLLARS FROM THE
RAINY DAY FUND.
THAT WILL LEAVE JUST 80 MILLION
IN THAT FUND.
ONE LAWMAKERS ON THE SENATE
FINANCE COMMITTEE TELLS US THE
REVENUE REDUCTION IS A VISUAL
RESULT OF THE ECONOMIC SHUTDOWN.
"that 280 million dollars that
we have seen reduced in revenue
collections means it's that much
less personal income, business
income, sales taxes. So, the
economic impacts we are somewhat
aware of and seeing in our
communities, we are now seeing
the actual dollars and cents
come in."
SENATOR RYAN PEARSON SAYING
WITHOUT ADDITIONAL FEDERAL
STIMULUS MONEY -- THE CUTS THAT
WILL HAVE TO BE MADE WILL BE
"DRAMATIC"
THIS BUDGET HAS TO BE BALANCED
BY THE END OF THE MONTH -- BUT
THEN THERE'S THE ISSUE OF NEXT
YEAR.
SENOTR PEARSON SAYS THE PICTURE
IS EVEN WORSE.
(PL)
THE GOVENOR ALSO DISCUSSED THE
GROWING DEFICIT -- AS LAWMAKERS
ARE BACK ON SMITH HILL TRYING TO
BALANCE THE BUDGET.
(DN)
TONIGHT THE SENATE AND HOUSE
FINANCE COMMITTEES WILL GO OVER
SOLUTIONS.
BUT IT'S NOT JUST THIS FISCAL
YEAR THEY ARE WORRIED ABOUT.
BRANDON TRUITT JOINS US LIVE
FROM THE STATE HOUSE WITH THE
GROWING CONCERNS FOR THE YEAR
AHEAD.
LAST HALF HOUR -- WE WENT OVER
THE PLANS TO FILL THE IMMEDIATE
DEFICIT CREATED BY THIS
PANDEMIC.
SOLUTIONS SEEM TO BE IN PLACE
AND COULD BE FINALIZED BY THE
END OF THE WEEK.
FROM THERE --IT'S ONTO NEXT YEAR
AND LAWMAKERS ARE WARNING THE
PICTURE IS NOT PRETTY.
RIGHT NOW -- THE STATE IS
ESTIMATING A 600 MILLION DOLLAR
SHORTFALL FOR THE 2020-2021
FISCAL YEAR.
TO PUT THAT IN PERSPECTIVE
--THAT'S ROUGHLY THREE TIMES THE
DEFICIT THEY ARE TRYING TO FILL
NOW.
LAWMAKERS SAY THIS IS A RESULT
OF AN EXTREME REVENUE REDUCTION.
A LOWER INTAKE OF TAXES --
PAIRED WITH A HIGH DEMAND OF
STATE SERVICES.
THE GOVERNOR ALONG WITH SENATE
AND HOUSE LEADERSHIP HAVE AGREED
TO WAIT UNTIL THE END OF SUMMER
TO VOTE ON A NEW BUDGET.
THEY ARE HOPING FOR ANOTHER
ROUND OF FEDERAL RELIEF.
ONE LAWMAKER ON THE SENATE
FINANCE COMMITTEE TELLS US IF
THAT DOESN'T HAPPEN -- CUTS
COULD BE MADE TO HEALTHCARE,
EDUCATION AND JOBS ARE ON THE
LINE FOR STATE EMPLOYEES.
"all of those things are cuts to
indivudual people and that will
create ripple effects throughout
the economy. We have to be very
careful about making not only
the decisions we need to balance
the budget, but thinking about
we are going to be presented
with nothing but bad choices.
So, looking at those choices as
to what has the least effect on
the economy and what has the
greatest effect on the economy
and trying to make them through
that lens."
AS FOR TODAY --
THE SENATE AND HOUSE FINANCE
COMMITTEES ARE MEETING THIS
AFTERNOON.
A FULL BUDGET BREAKDOWN CAN BE