Henry McMaster on Budget & Economy



Save money instead of spending it to prepare for the future

This past November, South Carolinians overwhelmingly approved a constitutional amendment increasing the minimum required balance in the rainy-day reserve fund. I now ask the General Assembly to set aside an additional $500 million to voluntarily increase the rainy-day reserve fund minimum balance from 7 percent to 10 percent. By saving this money instead of spending it, we will once again be prepared for any future economic uncertainties, should they arise.
Source: 2023 State of the State Address to the S.C. legislature , Jan 25, 2023

Complete infrastructure projects: roads, bridges, highways

There is no infrastructure more in need of big, bold, and continued investment than our state's roads, bridges, highways, and interstates. This year, my Executive Budget provides an additional $850 million to continue speeding up the completion of projects which will relieve traffic congestion on interstates and highways, repair or repave local roads and fix over 400 bridges across the state.
Source: 2023 State of the State Address to the S.C. legislature , Jan 25, 2023

$1.26 billion for roads, bridges, highways, interstates

There is no infrastructure more in need of investments than our State's roads, bridges, highways, and interstates. Our booming economy and rapid population growth have outpaced the State's ability to keep up with improvements to our transportation infrastructure. Utilizing $660 million in federal ARPA funds and $600 million from surplus revenue, I am recommending that the General Assembly provide no less than $1.26 billion to accelerate construction, expansion, or improvements.
Source: 2022 State of the State Address to the S.C. legislature , Jan 19, 2022

Propose nearly doubling rainy day reserve fund

I am proposing that the General Assembly allocate $500 million--38 cents of every new dollar--into our state's "rainy day" reserve fund. If approved, the balance of South Carolina's "rainy day" accounts will be almost twice what they were last year, going from $616 million to $1.142 billion. By saving this money instead of spending it, something that has served our state well this year, South Carolina will be prepared for any eventuality and a whole lot of rain.
Source: 2021 State of the State Address: South Carolina legislature , Jan 13, 2021

Fight the "stimulus" law

2009: Led the Stimulus fight: Issued the opinion which provided the legal roadmap for the General Assembly and the courts to address questions concerning the federal "stimulus" law.
Source: 2010 S.C. Gubernatorial campaign website HenryMcMaster.com , Jan 11, 2017

Other governors on Budget & Economy: Henry McMaster on other issues:
Gubernatorial Debates 2023:
KY: Incumbent Andy Beshear(D)
vs.State A.G. Daniel Cameron(R)

vs.Ambassador Kelly Craft(R)
vs.State Auditor Mike Harmon(R)
LA: Incumbent John Bel Edwards(D,term-limited)
vs.Jeff Landry(R)
vs.Shawn Wilson(D)
vs.John Schroder(R)
vs.Sharon Hewitt(R)
MS: Incumbent Tate Reeves(R)
vs.Bill Waller(R,withdrew)
vs.Brandon Presley(D)

Gubernatorial Debates 2024:
DE: Gov. John Carney (D, term-limited);
Lt. Gov. Bethany Hall-Long (D)
vs. Matt Meyer (D)
IN: Gov. Eric Holcomb (R, term-limited);
Sen. Mike Braun (R)
vs. Suzanne Crouch (R)
vs. Jennifer McCormick (D)
MO: Gov. Mike Parson (R, term-limited):
Jay Ashcroft (R)
vs. Bill Eigel (R)
vs. Mike Kehoe (R)
vs. Crystal Quade (D)
MT: Gov. Greg Gianforte (R)
vs. Tanner Smith (R)
vs. Ryan Busse (D)
Gubernatorial Debates 2024 (continued):
NC: Gov. Roy Cooper (D, term-limited);
Dale Folwell (R)
vs. Michael Morgan (D)
vs. Mark Robinson (R)
vs. Josh Stein (D)
vs. Andy Wells (R)
ND: Gov. Doug Burgum (R)
vs. State Rep. Rick Becker (R)
NH: Gov. Chris Sununu (R, retiring)
vs. Sen. Kelly Ayotte (R)
vs. Joyce Craig (D)
vs. Chuck Morse (R)
vs. Cinde Warmington (D)
UT: Gov. Spencer Cox (R)
vs. State Rep. Phil Lyman (R)
VT: Gov. Phil Scott (R) unopposed
WA: Gov. Jay Inslee (D, retiring);
Hilary Franz (D, withdrew)
vs. State Sen. Mark Mullet (D)
vs. County Chair Semi Bird (R)
vs. WA Attorney General Bob Ferguson (D)
WV: Gov. Jim Justice (R, term-limited);
vs. WV State Auditor JB McCuskey (R, withdrew)
vs. WV Secretary of State Mac Warner (R)
vs. State Del. Moore Capito (R)
vs. WV Attorney General Patrick Morrisey (R)
vs. Huntington Mayor Steve Williams (D)
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