Mr. Snyder, a first-term Republican, has made it a priority to boost the state's rainy-day fund.

WSJ: States Build Cash Reserves, Raising Rainy-Day Debate

TABOR, he argues, would have had a rainy-day fund and would have limited spending to 6% of the economy.

ECONOMIST: A tough decision for voters and Republicans in particular

Michigan state Rep. Tom McMillin, a Rochester Hills Republican, said he isn't opposed to a rainy-day fund but believes it has become too big.

WSJ: States Build Cash Reserves, Raising Rainy-Day Debate

Many states, such as Texas and Oklahoma, use the tax revenues from oil and gas to fund state education projects, health care obligations and rainy-day funds.

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Rep. Mike Castle (R-Del.) proposed that legislators set up a "rainy day fund" to actually budget for disasters, rather than go through the current process of having the president have to request the funds.

CNN: Republicans Search For Disaster Relief Funds