Published: Nov 06, 2012 10:18 PM EST

TALLAHASSEE, Fla. (AP) - A proposed Florida constitutional amendment that would have capped state revenue has gone down to defeat.
    
At 42 percent, Amendment 1 was well short of required 60 percent approval with most votes counted Tuesday.
    
The measure would have limited revenue growth to match increases in population and cost of living.
    
It was proposed by the Republican-led Florida Legislature and patterned after Colorado's Taxpayer Bill of Rights, or TABOR. Colorado suspended and modified its cap following sharp spending cuts for schools and other public services.
    
A laundry list of opponents ranging from AARP to public employee unions argued Florida would have faced a similar fate.
    
Supporters, including business interests, contended the Florida version had safeguards such as the Legislature's ability to break the cap with a two-thirds vote in each chamber.

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