In 1992, House Republicans inherited a $400
million budget deficit. This deficit was direct result of state
government "living beyond its means", committing
unearned revenue to costly government spending programs and
mortgaging the future of Iowa’s families.
As a result, House Republicans led the fight to
improve spending reform laws, establish a "rainy day"
emergency fund, and cut taxes for Iowans – lessening the
dependency of big government on the family wallet, and we keep
that commitment to you still today.
Commitment to "99%": State
spending laws limit government spending to 99% of revenue,
preventing the state from creating a budget deficit. Republicans
refused to adopt the Governor’s illegal budget proposal, and
instead, proposed their own budget that does not violate state
law.
Restrain "Big Government": The
Republican budget plan proposes a combination of new spending and
reallocation, limiting overall budget growth to 2.3% (lowest
spending increase in seven years).
Funding Iowa’s Priorities: The
Republican budget plan focuses on the priorities of Iowa’s
families:
- $54.2 million increase for K-12 education
- $51.2 million increase to improve access to healthcare and
expand substance abuse programs
- $6.8 million increase to Iowa’s judicial system to
continue to fight drug dealers and violent offenders
- $26.2 million property tax reduction including Machinery
& Equipment and elderly tax credit