Lawmakers as early as next week will see a bipartisan bill to eliminate one of Colorado's several conflicting spending limits.

The measure by Sen. John Morse, D-Colorado Springs, and Rep. Don Marostica, R-Loveland, would repeal a law that caps growth in the state general fund at 6 percent.

The general fund covers expenditures for everything from prisons to health care.

The 6 percent cap has been on the books since 1991. It is called Arveschoug-Bird after its two sponsors, former Rep. Steve Arveschoug, R-Pueblo, and former Sen. Mike Bird, R-Colorado Springs.

The 6 percent cap is viewed by many legislators as a time bomb in the event of heavy inflation. That's because of a constitutional amendment approved by voters in 2000 that guarantees funding for public schools will keep up with inflation.

If inflation exceeds 6 percent, schools could be entitled to the entire amount of new money coming into the general fund that year.

Schools are funded from a separate pool of money called the education fund.

But that fund could be empty as early as next year, in which case the obligation to schools would have to be met from the general fund.

That train of events could be set off by the federal stiumulus package, some lawmakers fear.

"I think hyperinflation is going to happen," said Sen. Al White, R-Hayden, a member of the Joint Budget Committee.

Morse said he will introduce the bill to repeal Arveschoug- Bird next week in the Senate.

Arveschoug-Bird does not limit state revenue or overall state spending, Morse pointed out. Those limits are in the Taxpayer's Bill of Rights, approved by voters in 1992.

Money in excess of the 6 percent general fund limit goes to other funds, principly roads,

Morse said.

"You still spend every dime," Morse said.

Because Bird-Arveschoug is a law, rather than a part of the Colorado Constitution, it can be amended by the legislature, Marostica and Morse believe.

It could be challenged, however, by other lawmakers who believe that provisions of TABOR prohibit lawmakers from altering budget laws, such as Arveschoug-Bird, without a referendum.