South Carolina lawmakers address $1.8 billion accounting error

South Carolina is in turmoil after an audit revealed that $1.8 billion, previously believed to be in state funds, never existed due to accounting errors. These errors stemmed from incorrect journal entries and systemic issues dating back to a financial system conversion in 2015-2017. Democratic State Rep. Heather Bauer is calling for the impeachment of State Treasurer Curtis Loftis, citing incompetence and dishonesty, while others, like Republican State Sen. Larry Grooms, are demanding his resignation. Despite Loftis's assurance that all funds are accounted for, the audit has caused significant political fallout, with some lawmakers worried about potential impacts on the state's credit rating. Speaker Murrell Smith emphasized the need for further investigation rather than rushing to conclusions. The independent audit by AlixPartners pointed to a broader systemic issue involving multiple state agencies, not solely Loftis's office.