The state budget proposal approved this week by the House Finance Committee would cut funding for the Rhode Island Economic Development Corporation in half.

The $7.76-billion spending plan passed by the committee on Wednesday slashes the EDC’s budget for the fiscal year that starts July 1 from its current $5.3 million to $2.65 million.

The reduction comes at a time when the state agency is trying to lead efforts to pull Rhode Island out of a deep recession. The state’s 12.1-percent unemployment rate is one of the highest in the nation.

Full Story: Rhode Island House panel cuts funding for EDC in half Source: Providence Journal, June 20th, 2009 Author: Alex Kuffner Added on June 22nd, 2009 at 9:12 am, by Matt Mikula