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Moody’s not impressed with Brownback’s veto

Gov. Sam Brownback’s veto of a bipartisan tax bill didn’t impress Moody’s Investors Service. The credit rating agency considers the veto a “credit negative.” Moody’s said Monday that the tax bill, which reversed parts of Brownback’s previous tax cuts, would have “gone a long way toward resolving Kansas’ fiscal troubles.” As long as the state sticks with its current tax policy, the agency said, “Kansas will continue to struggle to balance its budget, consider deferring pension contributions again, and drain its highway fund of funding for crucial transportation projects.” Moody’s also warned that “continuing to resort to stop-gap measures that do not resolve, or may even worsen, the state’s long-term structural problems would intensify the pressure on Kansas’ credit quality.” – Phillip Brownlee

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