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Lawmakers Earmark Millions For Rainy Day Fund In Wake Of Coronavirus

Mar 13, 2020

Nebraska lawmakers have given initial approval to a $9.4 billion, two-year state budget that shovels millions of extra dollars into the state’s rainy-day fund amid fears about the global pandemic caused by the new coronavirus. Lawmakers had already planned to boost the state’s cash-reserve fund after three years of lagging tax collections and tight budgets, but the worldwide panic had many of them warning that the state could face more trouble. The new budget would boost the cash reserve to $731 million by the end of the current two-year budget cycle in June 2022. The reserve had fallen as low as $296 million last year.