Early this afternoon, the House Ways and Means Committee finalised its budget proposal for FY 2013. MassBudget's First Look provides a preliminary analysis of the major initiatives along with the effects on core programs.
To address the state's budget deficit, the House Ways and Means budget relies heavily on:
Cuts and savings, including reduced funding for Early Education & Care and Public Health.
One-time revenue, drawn mostly from the "rainy day" fund.
In contrast to the Governor's proposal, which introduced some modest tax initiatives, the House Ways and Means budget does not include any revenue from new taxes.