This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Mo. Lawmakers: Agreement On Estimate For Revenues

By CHRIS BLANK

JEFFERSON CITY, Mo. (AP) a¿¿ Missouri legislative budget leaders said Thursday they agreed to a revenue estimate for next year's budget without Gov. Jay Nixon signing off on it.

Lawmakers responsible for the budget and the governor typically agree to an estimate on how much state government will take in. That serves as a foundation for building a budget because the discussion can focus on how to spend the money if officials agree what will be available.

House Budget Committee Chairman Rick Stream and Senate Appropriations Committee Chairman Kurt Schaefer said the budget they develop will use an estimate of 4.2 percent growth for next year. The lawmakers said Nixon's office changed course and sought a larger revenue estimate that Stream and Schaefer contend can be justified.

"Here's the bottom line: We are not Washington, DC. We don't decide what we want to spend and then worry later about how we're going to pay for it," said Schaefer, R-Columbia. "We first figure out how much money we have to spend, and then we determine what that money is going to be spent on."

Schaefer said Legislature estimates $8.59 billion of general revenue for the 2015 budget taking effect July 1. He said Nixon's office wanted $8.73 billion, or 5.9 percent growth. The lawmakers also agreed to a revision of the current year's revenue estimate from about $7.9 billion to $8.2 billion.

Nixon is to submit his recommended state operating budget next month to the Legislature, which has to until early May to pass a spending plan. The governor said in a statement Thursday he will propose a "fiscally responsible budget" that protects taxpayers and core state services.

"With our economy picking up steam and our unemployment rate continuing to drop, we have a unique opportunity to build on this momentum by making additional investments in our students and schools," Nixon said. "I look forward to working with the House and the Senate when they return to session to maintain fiscal discipline and make forward-looking investments that keep our economy growing."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs