Colo. wrestles with proposals to overhaul tax limits

USA Today reports on the move to get rid of spending limitations in Colorado:

Since 2001, when the recession hit and TABOR tax refunds ceased, the state has cut spending by about $1 billion. Hardest hit: higher education and services for the poor. Without changing the law, supporters of the two ballot measures say, tougher budget cuts are on the way: $400 million next year in a state budget of about $15 billion.

“Colorado could very well become the first state where we cease supporting higher education,” says Katy Atkinson, a Republican strategist now serving as communications director for the campaign to pass the two measures.

Nonsense, say TABOR supporters, who include leaders of the national tax-cutting movement like Grover Norquist, president of Americans for Tax Reform, and former U.S. House majority leader Dick Armey of Texas, now co-chairman of FreedomWorks, an advocacy group.

“The chicken littles will always scream we have no money,” says Jon Caldara, president of the Independence Institute, a Golden, Colo.-based free-market think tank. “The Colorado budget is the highest it's ever been in history, and the general fund will continue to grow.”

TABOR “saved Colorado's fiscal fanny,” says Caldara, who heads one of several anti-overhaul campaign committees called “Vote no; It's Your Dough.”

State Rep. Joe Stengel of Littleton, the House Republican leader, says the combined effect if the two measures pass would represent “the largest spending spree and debt spree in state history.” He says Colorado could easily survive coming budget cuts by making the state employee retirement system less generous and implementing other efficiencies.

This is a huge story.If TABOR is voided then nothing will stop the big spenders.Look at what's happening in Washington.