SC House, Senate panel resume budget discussions

Posted: 06.25.2012 at 10:57 AM

The House has passed a resolution to continue funding government at current levels if there's no new budget by Sunday. The Senate could take that up later Monday.

COLUMBIA, S.C. (AP) -- A panel of House and Senate members has resumed discussions to try to reach a compromise on the state budget as time runs out on the fiscal year.

The conference committee began meeting Monday morning. The House and Senate have been in a stalemate over a $40 million difference in their $6.7 billion spending plans for the budget year that starts Sunday.

The House had insisted on giving small business owners a $60 million tax break by reducing their income tax rate, while the Senate wanted to phase in the rate cut over three years.

Both sides presented new offers Monday. The House will give $40 million in relief this coming year and phase in the rest. The Senate offered a deal it says focuses on small businesses.