The bill would limit budget growth to 6 percent annually, unless state population growth and an increase in the consumer price index allow for a higher level. When revenues exceed the allowable level, the surplus would go into the state's reserve fund, instead of new programs.

Eventually, after the reserve fund is restored to health, surplus revenues could be used for a limited range of capital projects, including roads, bridges, school buildings and school buses. The use of surplus money for one-time expenditures would eliminate one of the biggest reasons for the current budget problem: the use of non-recurring revenues for ongoing programs.

The Legislature also would have the option of issuing tax rebates, when revenues exceed expectations.

"It will be one of the most important things we have done since I've been here," says Rep. Bobby Harrell, chairman of the House Ways and Means Committee. The Charleston Republican says it will restrict the growth of government and restrain the General Assembly from future spending excesses.

More realistic long-term budgeting would prevent the painful necessity of cutting essential agencies, such as the Department of Mental Health and the Department of Corrections, to the bone. The budget shortfall this year is headed to the $900 million level.

The bill would allow the state to respond to an emergency, by a two-thirds vote of each legislative chamber. That would allow the Legislature to deal with disasters, such as Hurricane Hugo.

Eventually, the economy will improve, and an increase in state revenues will follow. This legislation should ensure that the good times, when they recur, won't result in a spending binge by state lawmakers. The proposal shows that some key legislators have learned their lesson. Passage of the bill will mean that the lesson won't be forgotten in future years.