Kansas legislators are pushing a plan to close a projected budget shortfall without cutting aid to public schools.
The House Appropriations Committee endorsed a bill Monday that would liquidate a state investment portfolio. The move would raise $317 million in funds for a loan to the state’s main bank account that would be paid back over seven years.
The measure goes to the full House for debate.
Lawmakers in both parties do not like the internal borrowing but said it’s a better alternative than attempting to cut spending immediately. The state faces a projected shortfall of about $320 million for the fiscal year that ends June 30.
Senate GOP leaders advanced a plan last week to cut education funding by $128 million but canceled a debate when senators balked.