Sanford: ''Financial Storm'' heading for SC

Photo Credit: Sara Jane Harris

COLUMBIA (WACH) - When Discussing the 2010 budget on Wednesday afternoon at the State House, Governor Mark Sanford said a financial storm is on it's way to South Carolina.

"We don't know if a hurricane is gonna come this fall, but we absolutely positively do know that a financial tsunami or storm is headed our way next spring," said Sanford.The Governor said he's concerned South Carolina could face a billion dollar budget defict next year with the loss of stimulus funds and is preparing the budget for whoever takes his place."We thought there were some fairly fundamental flaws when it came to the final composition of this budget, one of which was something we've warned about for years, like counting on money that may or may not come your way," said Sanford.

That's why Sanford said he issued 107 vetoes to the budget.The move is expected to cut more than $300 million from the Legislature's nearly $5 billion budget, including $200 million dollars in federal stimulus money that still needs congressional approval."Look if we dont do somethings to better the ship to some degree, the easy answer next year is to raise a whole host of taxes," said Sanford.The General Assembly will take up these vetoes when it convenes next week.