CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Majority Leader D.J. Bettencourt (R-Salem) today offered the following statement in response to the news that state revenues were $4.2 million below projections for the month of October, with 13 of 19 revenue categories falling below state estimates. Overall, the state is still $10.9 million ahead of projections for the fiscal year, which began July 1.
House Speaker William O’Brien
“October’s revenues show once again why it was so important why the legislature used reasonable and responsible revenue figures in our budget. While there will continue to be good months and bad months, we expect that the estimates that we used will ultimately prove to be accurate. We have seen the danger of using inflated numbers in the past, with prior legislatures having to reopen budgets and using budget gimmicks to balance the books. This is an honest budget that deals with the realities of national economy that has yet to recover, and doesn’t manufacture a rosy environment to allow for more spending.”
House Majority Leader D.J. Bettencourt
“The past two Democrat budgets were perfect examples of putting spending before getting a true assessment of economic growth. They put the cart before the horse to pay for their big government plans. However, as most would expect when the legislature ‘looks to the sky’ for money, these two budgets crashed and burned and left the Republicans with a nearly $1 billion budget hole to fill this year, as well as millions in new borrowing. House Republicans know that any company that did business this way would be bankrupt. We are committed to responsible budgeting, reasonable revenue estimates and no gimmicks. While this month was down, we are thankfully still in positive territory for the year, thanks to Republicans rejecting Governor Lynch and the Democrats’ overinflated budget revenues.”