PROVIDENCE, R.I. - The House Finance Committee has posted the $8.2 billion state budget for potential unveiling - and a vote - this Tuesday.
The posting marks a critical turning point in each year's legislative session, but it does not necessarily mean that the House and Senate have reached a final agreement on their version of the budget the governor introduced in January.
The centerpiece of Chafee's budget proposal was a 2 percentage point cut in the corporate tax rate, and several new spending initiatives. But revenue expectations have dropped since then by more than $50 million, and despite some savings, House and Senate budget-writers were confronted with the need to close a $30 million gap.
House spokesman Larry Berman says legislative negotiators have not yet reached agreement on a new budget for the year that begins on July 1, but "they are working towards one'' and "felt close enough'' to post the big budget bill for hearing and possible action on Tuesday.
"They felt close enough they could post [the bill] in anticipation of an agreement within the next 48 hours,'' Berman said in a telephone interview late Sunday afternoon.
He said the House and Senate finance chairs - Rep. Helio Melo and Sen.Daniel DaPonte met over the weekend and "made a lot of progress,''
"According to [Melo] they are anticipating an agreement in the next 48 hours,'' Berman said.
The posting went up shortly after 4 p.m. on Sunday.
Asked for comment on this latest development, Chafee spokeswoman Christine Hunsinger issued this statement:
"The Governor's budget reflected his priorities and while revenues and caseload do reflect a shortfall of 30 million it is still possible for the legislature to propose a budget that invests in education, infrastructure, and workforce development as well as protecting property tax payers.''