RI House to vote on $8.2B state budget plan

RI House to vote on $8.2B budget plan; debate likely on 38 Studios bond payment

Associated Press

PROVIDENCE, R.I. (AP) -- The Rhode Island House of Representatives has begun debate on an $8.2 billion state budget proposal.

The spending plan up for a vote late Tuesday night would set aside $2.5 million to pay debts related to the state's investment in former Red Sox pitcher Curt Schilling's video game company 38 Studios.

Some lawmakers have called on the state to default on the money it owes for a $75 million loan guarantee given to the company, saying taxpayers shouldn't have to pay for the failed investment. But Gov. Lincoln Chafee and others argue defaulting could hurt the state's reputation and make future borrowing more expensive. Supporters of default will likely try to remove the payment from the budget.

Following House passage the budget bill will go to the Senate.

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