Making small but regular payments into appreciating assets can form the basis of a rainy day fund or even grow into a sizable nest egg over time.
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.
Use this to establish a rainy day fund.
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There are a thousand arguments for and against this already, but one does have to admit that in times of economic recession lower revenues can be expected and the government needs to act accordingly by having a rainy day fund or fluxing the rate.
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The big balance in the Rainy Day Fund might also be tapped to help counties in the Eagle Ford and elsewhere in the state to fund the repair and improvement of county roads that are being impacted by the high volume of heavy truck traffic that comes along with rapid oil and gas development.
Mr. Snyder, a first-term Republican, has made it a priority to boost the state's rainy-day fund.
TABOR, he argues, would have had a rainy-day fund and would have limited spending to 6% of the economy.
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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.
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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