Politics

Gov. Lincoln Chafee says Moody’s is sending Rhode Island an important message by downgrading the state’s bonds for its failed deal with 38 Studios.

The credit rating agency downgraded the bonds by two notches and put the state on notice that the rest of its obligations are under review for a possible downgrade.

Lawmakers are debating whether to default on the moral obligation bonds used to float the failed video game company. Chafee said as Moody’s has shown, that’s a bad idea.

The Republican leader in the Rhode Island House says he plans to vote against the state budget next week since it includes money to pay back 38 Studios’ bonds.

GOP leader Brian Newberry was one of two reps abstaining Tuesday when the House Finance Committee approved an 8-point-two billion dollar budget. The spending plan is for the fiscal year starting July first.

The House Finance Committee Tuesday passed an $8.2 billion budget for the fiscal year starting July 1. The spending plan doesn’t include any new broad-based taxes and wipes out some of Governor Lincoln Chafee’s initiatives.

Casino gambling just like in Las Vegas is scheduled to begin Wednesday at Twin River in Lincoln.

The one-time dog track has become the first venue ever in Rhode Island to offer table games thanks to voters, who approved the change to stave off competition from new casinos proposed for Massachusetts.

Gambling is a major part of the state budget, and to better understand how games like blackjack and roulette will affect the budget, Rhode Island Public Radio's Elisabeth Harrison sat down with Paul Dion from the State Department of Revenue.