After several years of overspending in Frankfort, Kentucky House Budget Chairman Harry Moberly wants to solve the problem by raising $400 million from you:

Rep. Harry Moberly said the severity of the proposed cuts has driven him to try to find more revenue than the roughly $200million a year he spoke of early this month.

“I’m looking at proposals that would be anywhere from $240million to $400million each year,” he said in an interview.

The state faces a gap of about $900million between current spending and anticipated revenue for the next two-year budget period, which begins July 1.

Moberly, D-Richmond, said the main element of his package remains a 25- to 30-cent increase in the state’s 30-cent-per-pack cigarette tax. That is projected to raise roughly $125million a year.

He said again that he’s also considering an increase in the corporate income tax rate, which was cut in 2005, and hopes to realize savings by refinancing some state bonds.

I think Dave Ramsey might have a few things to say about reshuffling the state’s debt to realize those savings.

Government spending in Kentucky has skyrocketed over the past several budget sessions. Has anyone considered selling some state assets to balance the books? How many golf courses does Kentucky’s government own?