News and Press Releases for May 2006

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05/17/2006

Gov. Sanford Issues Statement on BEA Estimates

Governor Says Revised Estimates Bode Well for Economy, Draws "Line in the Sand" on New Spending

Columbia, S.C. - Gov. Mark Sanford today issued the following statement on the Board of Economic Advisors' revised estimates of $180 million in tax revenue over the previous projections, putting total new revenue for this fiscal year at more than $1 billion:

"I think these numbers are one more indication that our state is moving in the right direction with respect to our economy," Gov. Sanford said. "At the same time, it should serve as a wake-up call to those in the General Assembly intent on spending every new dollar that this kind of growth won't continue unless we return a dividend to the state's taxpayers where it can have the maximum impact on growing the economy. If history has taught us anything it's that government growth like this isn't sustainable in the long run, and that's why it would be such obscene public policy if leaders in the General Assembly choose to spend this money and grow government at roughly 15 percent."

"I want to be unequivocally clear - we're drawing a line in the sand on returning these new dollars to the taxpayer and setting more aside for storms, natural and financial, the state might face in the future. Whether it's used for a direct rebate to taxpayers, additional property tax relief or for suspending the gasoline tax, as the budget process winds to a close Republicans in the General Assembly need to put this money where their mouths are when it comes to limiting government growth and looking out for the taxpayers."