ATLANTA - In an effort to end South Carolina's recurring operating deficits and protect its imperiled triple-A credit rating, legislative leaders last week proposed a bill that would impose stringent budgetary guidelines.

The bill, which has been drafted by four members of the House of Representatives, would cap spending for an upcoming fiscal year at the level of revenues collected in the previous calendar year, plus an amount of revenues pegged at half the state's expected percentage rate of growth.

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