Statement: Budget emergency won’t be solved by doubling down on cuts

Oklahoma Policy Institute released the following statement in response to official projections that Oklahoma will enact midyear budget cuts this year and is expecting a $900.8 million budget hole next year:

The projected mid-year cuts and next year’s massive budget hole threaten to deepen the injury to our economy caused by a weakening energy industry. Schools, health and safety, and other core services were already cut to the bone when energy prices were high, and we can’t make it through this emergency by doubling down on deeper cuts and one-time fixes. The only responsible path forward is to put new recurring revenue on the table and to reassess tax cuts and tax breaks that are becoming more unaffordable every day.