The state's "rainy day fund" would double from 4 percent to 8 percent of the general fund under a bill approved by the House Friday.

House Bill 1302, sponsored by Rep. Bernie Buescher, D-Grand Junction, would gradually increase the emergency reserve.

In a fiscal emergency, Buescher said, the small existing reserve leaves the state with "essentially two weeks of cash reserves," instead of the one-month operating cushion many businesses use.

Having so little cash on hand costs the state money because the state treasurer has to borrow operating funds during cyclical drops in tax revenue, and the treasurer can't reap the best returns by investing public money for longer periods.

Rep. Cory Gardner, R-Yuma, applauded the bill, but proposed requiring a 60 percent vote to tap the fatter emergency fund - not just a simple majority.

"Anytime you can put in place a speed bump to accessing money, it is better for the people of Colorado," Gardner said, "because we will slow that race to the cash down."

But Buescher and fellow Democrats called the Republican amendment political "window dressing" because the legislature can use a simple majority vote to change state statute and take the money anyway.

Gardner vowed to work on the bigger challenge of passing a constitutional amendment imposing the super majority threshold on the legislature.

Until then, he said, "think of the political pressure you would be under to make the vote to raid the rainy-day fund for non-emergency purposes."

Opposing the higher hurdle sends the wrong message, said amendment co-sponsor, Rep. David Balmer, R-Centennial. "That's saying we want to have a leaky rainy-day fund that we can go get into whenever we need to."

The bill passed, and the Republican amendment failed on 36-28 vote.

gathrighta@RockyMountainNews.com or 303-954-5486