House bill 1041 would specify government spending would be capped at 3 percent annually even if state government takes in more than that.
Bill sponsor Representative Bruce Westerman (R-Hot Springs) says his idea would have saved state government more than $250 million in spending over the last ten years.
"It's an important piece of legislation for us," Westerman says. I know the governor has come out against the bill, but we'll see how it goes."
Governor Beebe calls the idea dangerous, and says it could threaten prison funding and educational adequacy if spending is arbitrarily capped.
"I don't know where they come up with the idea they've got to do something like that when they've already got the power to set the budget anyway," Beebe told reporters Monday.
The heavily Republican controlled House revenue and tax committee advanced the measure to the House floor for a vote later this week.