The Iowa House has voted to put more money in the state’s savings account every year. Under current law, policymakers are to put one percent of state tax revenues in savings. The bill that cleared the House yesterday calls for setting two percent aside. House Speaker Christopher Rants, a republican from Sioux City, says that one percent cushion wasn’t big enough when the economy went sour — and tax revenues declined.Rants says legislators ought to learn from circumstances so they don’t face the same difficulties over and over again. Rants says you never do things like this when times are good; you make move like this when tough times are “staring you in the face.” House Democrat Leader Pat Murphy of Dubuque says saving more is a good goal, but not when times are tough.Murphy says it means the state will be spending 45 million dollars less next year, and will require cuts in education and other priority areas. The House passed the bill on a 60 to 38 vote yesterday. It now goes to the Senate.
