TOPEKA (KSNT) – While Republicans were celebrating their political victories Wednesday, some of their policies took a financial hit.
Standard & Poor Wednesday dropped the state’s credit rating, specifically noting the effects of income-tax cuts endorsed by Governor Sam Brownback.
The ratings service dropped Kansas’ two primary ratings by one notch each meaning it will be slightly more expensive for the state to borrow money.
It also said the outlook for the state’s economy is negative, citing those income tax cuts and revenue shortfalls earlier this year.
Quick to jump on the news was Democratic candidate for Kansas governor Paul Davis who released the following statement.
“This is terrible news for Kansas and is further evidence that the Governor’s economic experiment has failed. This downgrade will cost Kansans even more money at a time when we can least afford it. Sam Brownback’s irresponsible policies are blowing a hole in the state’s finances, putting our schools at risk of more cuts and causing our economy to lag behind our neighbors.
“Kansans are deeply concerned by the direction Sam Brownback is taking our state. It is time that he recognize the crisis he has created and tell Kansans how he intends to fix it. The Governor continues to blame the President for all his problems – from his weak primary performance to the latest bad news about the Kansas economy. The buck stops with the Governor and it’s time he take responsibility for his experiment.”