BOBBY HARRISON: Special session misses major concerns of credit rating agencies
Some legislators question whether Gov. Phil Bryant’s FORTIFY Act, passed during Monday’s special legislative session, addresses the major concerns of the powerful credit rating agencies about the state’s financial health.
“One of their primary concerns is the long-term impact of tax cuts passed by the Republican leadership making it hard for the state to meet basic services and grow the economy,” said Sen. David Blount, D-Jackson.
During Monday’s special session, Senate Appropriations Chair Buck Clarke, R-Hollandale, acknowledged that the FORTIFY Act will not address many of the rating agencies’ concerns.
“Those are things you can’t just tweak with legislation,” Clarke said. “We’ve looked at things (in FORTIFY) that do go into the scoring system of ratings agencies that would give us points in the final score, enhance our credit rating, and help in the budgeting process.”