Moody’s Investor Service issued a “credit negative” warning for Oklahoma’s credit rating in light of the recent budget problems and the inability of the Legislature to agree on a solution.
Governor Fallin said the warning was a long time coming in a statement issued in reaction to the news.
“I have warned lawmakers for the past three years that we need to address our budget’s structural deficits instead of continuing to kick the can down the road by depleting available cash and using one-time funds. Proposals to do just that will not provide enough funds for agencies to deliver essential core services for the remainder of this fiscal year. It appears we are looking at a budget that will include drastic across-the-board cuts for all state agencies to deal with the loss of revenue. It is worth repeating what Moody’s Investors Service stated in its report: the state of Oklahoma has reduced appropriations by 5.3 percent, or $387 million, in the past three years.
“The Legislature’s inability to pass a permanent solution to our budget challenge has resulted in Moody’s, one of the nation’s top rating agencies, giving Oklahoma a ‘credit negative’ outlook, which will hurt investment by businesses that are considering to expand in or move to our state.
“There are still conversations going on between legislative leaders and my office. It’s my hope that we make progress in filling the $215 million budget hole with recurring revenue; provide long-term revenue stability; give our teachers a pay raise; and move Oklahoma on a path forward to being a great place to live, work, invest and raise a family,” said Fallin.
Gov. Fallin is the worst Governor in history. Our GOP majority can’t get anything done! Gone is the thought that this Republican had that a GOP majority could get anything done. I can’t go to the Democrat side (Lord help us). This is crazy!!
Sky, I’m with you! Mary is the WORST governor in our state’s history. She led the way in increasing bond indebtedness to build museums, took road money and replaced it with bond debt, and has overseen the largest and most corrupt spending in our state’s history. Then wants to complain when the bond rating goes down. It’s kinda like a family maxing out their credit cards to pay for recurring monthly expenses, then borrowing more money to fill their budget hole, and then wondering why they don’t have any money.
CUT SPENDING! Stop the insanity!
Cheryl, it looks like you’ll be getting your desire to quit spending state funds – probably the first cost cutting measure will be the continued loss of teachers to other states – that will definitely decrease our education expenses. Then, let’s cut more funds on the DHS programs and ensure that more people don’t waste monies on mental health and other unneeded health services. And then let’s decrease all public service funds to make sure our state gets an even lower bond rating. And don’t forget ODT.
Cheryl, enjoy the future pathetic environment attitudes you and same-minded others will force on the state.