Democratic Auditor Galloway warns of Missouri finances

Nicole Galloway, Missouri State Auditor (Office of the State Auditor)

JEFFERSON CITY, Mo. (AP) - Democratic Auditor Nicole Galloway says Missouri is not financially prepared to deal with another economic downturn.

Galloway told reporters Thursday in her Capitol office that there might not be enough money in reserves if unemployment dips again to 2009 levels.

She also warned that Missouri is moving toward the path of Kansas, which faced financial issues after recent tax cuts. Missouri lawmakers in 2014 also approved cutting the top tax rate gradually by 0.1 percent a year down to 5.5 percent if revenues grow enough.

Galloway's comments came the same day that Republican Gov. Eric Greitens was touting his plan to cut taxes further to members of the Missouri Press Association.

But Greitens says his plan is revenue neutral and pledged that Missouri won't end up like Kansas.

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