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Sponsors: Senators Campsen, Davis, Bright, Bryant, Grooms, Ryberg and Rose
Document Path: l:\s-res\td\003nost.kmm.td.docx
Introduced in the Senate on March 12, 2009
Currently residing in the Senate Committee on Finance
Summary: American Recovery and Reinvestment Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/12/2009 Senate Introduced SJ-7 3/12/2009 Senate Referred to Committee on Finance SJ-7 3/17/2009 Senate Referred to Subcommittee: Alexander (ch), Setzler, Ryberg, Verdin, Leventis, Jackson
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VERSIONS OF THIS BILL
TO PROVIDE THAT THE STATE OF SOUTH CAROLINA SUPPORTS AND JOINS GOVERNOR SANFORD'S REQUEST FOR SOUTH CAROLINA'S SHARE OF FUNDS FROM THE STATE FISCAL STABILIZATION FUND IN THE AMERICAN RECOVERY AND REINVESTMENT ACT BE DESIGNATED TO ELIMINATE THE STATE OF SOUTH CAROLINA'S DEBT.
Whereas, the President of the United States has signed into law the American Recovery and Reinvestment Act, commonly referred to as the economic stimulus package; and
Whereas, the American people were told that the economic stimulus package was necessary to immediately jump-start our nation's weakening economy; and
Whereas, the economic stimulus package represents an unprecedented massive expansion of the federal government's reach into the daily life of virtually every citizen, business, and civic organization in the nation through major policy changes in our welfare system, health care, and trade policies without full public conversation and debate; and
Whereas, the economic stimulus package is replete with wasteful spending programs that will do little to foster economic recovery; and
Whereas, the economic stimulus package will increase long-term government debt thereby increasing interest rates and deterring private investment; and
Whereas, the Congressional Budget Office estimated that the economic stimulus package will actually weaken our nation's long-term economic growth and, in turn, weaken our ability to pay off the debt we are incurring; and
Whereas, the State of South Carolina is currently mired in over $25 billion in debt arising from unfunded liabilities in the South Carolina Retirement System, retiree healthcare, and other general obligation bonds; and
Whereas, the government indebtedness on the Federal and State level is unsustainable and must be repaid by future generations; and
Whereas, the economic stimulus package contains funds for State Fiscal Stabilization that can be directed exclusively by the Governor for relieving the State's fiscal burdens; and
Whereas, Governor Mark Sanford has requested that South Carolina's share of the State Fiscal Stabilization Funds be directed towards eliminating some of the State's existing debt; and
Whereas, eliminating existing debt with the State Fiscal Stabilization Funds will more effectively provide long-term stability to the State's fiscal condition than will using these funds to maintain the State's General Fund appropriations; and
Whereas, using the State Fiscal Stabilization Funds to maintain the State's General Fund appropriations will only exacerbate the State's current budget situation by increasing the amount of the funds that will have to be cut or replaced in less than two years. Now, therefore,
Be it resolved by the Senate, the House of Representatives concurring:
That the State of South Carolina supports and joins Governor Sanford's request for South Carolina's share of funds from the State Fiscal Stabilization Fund in the American Recovery and Reinvestment Act be designated to eliminate the State of South Carolina's debt.
Be it further resolved that a copy of this resolution be forwarded to Governor Mark Sanford, President Barack Obama, the Speaker of the United States House of Representatives, Nancy Pelosi, the Majority Leader of the United States Senate, Harry Reid, and members of the South Carolina congressional delegation.
This web page was last updated on Monday, November 23, 2009 at 2:43 P.M.