BOSTON (WWLP) – House and Senate leadership say they are not actively planning to draw from the rainy-day fund–they are just finding out what would happen if they did.
Kennealy calls for investigation into LaMar Cook hiring process
The stabilization fund, colloquially called the rainy day fund, is essentially Massachusetts’ savings account for hard times.
The legislature is hesitant to make withdrawals because that negatively affects the state’s credit rating, making it harder to borrow money for bond bills in the future.
The House budget chief reached out to the top three credit rating agencies to get their opinions on how using the fund will impact the state in this context. The House speaker explained why his branch is looking into using funding after a leadership meeting on Monday…