Iowa faces huge surplus in upcoming new year

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While the country faces the possibly huge changes if an agreement on the fiscal cliff isn’t met by the end of the year, Iowa is facing different money problems–a huge surplus.

The Des Moines Register reports a budget surplus in excess of 800-million dollars for the Hawkeye state.

 Iowa lawmakers will convene in January 2013 to discuss where the funds will go. Republicans and Democrats have different views on how to spend the money. Republicans favor a tax break to return over-collections to Iowa’s taxpayers while Democrats see this as an opportunity to give back to Iowa’s schools.

Iowa’s deep pockets are a result of modest budgeting and a strong state economy.