If there is not enough revenue to cover the state budget, what three things can the Ohio General Assembly do to fix the problem?

Question

sue the taxpayers

borrow money

cut spending

raise taxes

ask lobbyists for money

Answer 1

The three things that the Ohio General Assembly can do to fix the problem of not having enough revenue to cover the state budget are:

1. Cut spending: They can analyze the state budget and identify areas of unnecessary or excessive spending. By reducing or eliminating certain expenses, they can create savings and allocate the funds to cover the budget deficit.

2. Raise taxes: The Assembly can consider increasing taxes or implementing new taxes to generate additional revenue. They would need to carefully assess which taxes to increase or introduce, taking into account the impact on individuals, businesses, and the overall economy.

3. Borrow money: The Assembly can explore borrowing money through issuing bonds or other forms of debt. By leveraging the state's creditworthiness, they can secure additional funds to cover the budget shortfall. However, this approach should be used cautiously, as it adds to the state's debt burden and may have long-term consequences.