Vilsack threatens entire budget if economic development fund isn’t passed

Governor Tom Vilsack’s threatening to veto the entire state budget if lawmakers don’t pass a new state economic development fund. In a speech to Iowa bankers on Friday, Vilsack urged the group to lobby legislators. Vilsack says he will not be satisfied with the legislature’s work product if they just pass a state budget and go home. He says lawmakers won’t be happy with his reaction if that’s all they do.Vilsack says the state budget requires sacrifices in many areas, and the economic growth fund is crucial to show Iowans there’s “hope for the future.” Vilsack says the state’s existing economic development tools are “inadequate, insufficient and outdated.” Vilsack says lawmakers need to take a risk and approve the new state economic development venture that would create a nearly billion dollar fund to lure businesses here and entice existing businesses to stay and expand. Vilsack’s pressuring Senate Republican Leader Stewart Iverson of Dows and other lawmakers who are reluctant to have the state borrow money for the new economic development initiative. Vilsack says the ability to accept and embrace change is difficult for some legislators.