Posted on 07/24/2009 2:36:33 PM PDT by lainie
Revenue shortfalls lead to new budget gaps only three weeks into the new fiscal year. States are forced to make more painful budget cuts.
NEW YORK (CNNMoney.com) -- The bad news about state budgets just keeps getting worse. Only three weeks into the new fiscal year, gaps are already opening up. And the shortfalls are only expected to grow.
"If you think legislators are breathing a sigh of relief because their budgets are passed, think again," said William Pound, executive director of the National Conference of State Legislatures.
State legislators and governors had to contend with deficits totaling $142.6 billion as they closed out fiscal 2009, which ended on June 30 for 46 states, according to the conference. Three states have yet to pass balanced budgets for fiscal 2010, as officials tussle over painful budget cuts and tax increases.
But even some states that approved budgets are going back to the drawing board as revenues drop faster and more sharply than they had estimated.
(Excerpt) Read more at money.cnn.com ...
These are anything but “new” gaps. The gaps have always been there, if only they would “see.” I still wonder what will happen once the Porkulus money is appropriated to balance the short-term state and municipal budgets— what will they do next year?
hh
Have any of them cut ACORN yet?
Oops, forgot. ACORN is their source of illicit funding.
Have any of them cut ACORN yet?
Oops, forgot. ACORN is their source of illicit funding.
Well, you know that, and I know that... I’m just wondering where CNN got the permission to even spill the beans about the fixes not really being in.
They grew the size of their governments to the maxium they could during good times and don’t want to cut back to the current reality. They want to avoid cuts by coming up with pie in the sky schemes.
They are going to hit the wall because our economy is smaller; the real estate taxes are not coming back for a decade or more. Probably never.
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