December 11, 2014 2:21 PM

Select Committee sets a $7 billion floor for Rainy Day Fund

Slightly more conservative move than had been expected

Pretty close to expectations, a select committee on Thursday set a floor for the Economic Stabilization Fund, commonly called the Rainy Day Fund, of $7 billion. Quorum Report on Wednesday reported that the floor would likely be set around $6 billion. So, this move is a little more conservative than had been expected.

The floor approved by the committee will apply for the next three fiscal years.