The state Senate took a major step toward greater fiscal responsibility this week by approving a bill to limit the effects of sharp economic downturns on state budgets in years to come. Had the plan for spending caps and a special reserve already been in place, state government's current financial difficulties would have been mitigated. The proposal, recommended by Senate President Pro Tempore Glenn McConnell, would put a portion of any new revenues into a "rainy day" fund to offset tough … [Read more...]