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Gov. Sanford Issues Statement on BEA Estimates

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Location: Columbia, SC


Gov. Sanford Issues Statement on BEA Estimates

GOVERNOR SAYS IT'S ABSOLUTELY KEY FOR GENERAL ASSEMBLY TO DEAL WITH CUTS SOON

Governor Mark Sanford issued the following statement on the state Board of Economic Advisors' decision to cut state revenue estimates by six percent, necessitating $420 million dollars in spending cuts:

"Let's be clear - the situation we're in with these cuts was predictable, preventable and guaranteed based on the run-up in spending over the past four years, because you can't grow government faster than the economy and not have it catch up with you," Gov. Sanford said. "The size and duration of the cuts we knew were coming based on the legislature's choice to run-up government spending will be intensified and prolonged because of the scale of what's happening in global credit markets. We're pleased that legislative leaders are moving toward the same page that we and many of their rank and file members were already on in believing that these cuts should be made sooner rather than later, and in believing that making those cuts across the board is no way to run government. We've begun the process of working with agency heads on targeting these cuts in a responsible fashion, and look forward to working with the General Assembly to help them formulate their plan for


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