Angry New Yorker

Semi-Daily Rants from New York City's Angry Man

"As I know more of mankind I expect less of them, and am ready now to call a man a good man, upon easier terms than I was formerly." - Dr. Samuel Johnson, Boswell, Life of Johnson, Sept. 1783

Archives


Links
Monday, May 12, 2003
 
Center on Budget and Policy Priorities

SEVERE STATE FISCAL CRISIS MAY BE WORSENING
By Nicholas Johnson and Rose Ribeiro


States have closed, or are closing, about $80 billion in budget shortfalls for the current fiscal year (which ends June 30 in most states) and another $79 billion in shortfalls for FY 2004, according to the National Conference of State Legislatures. Forced by balanced budget requirements to close these deficits, states have been cutting important programs and services, including education, health care, and public safety.


Now the crisis appears to be worsening. New data show that in a number of states, including California, Colorado, Connecticut, Idaho, New York, North Carolina, and Pennsylvania, revenues for April fell short of expectations, so these states are raising their deficit forecasts. Clearly, states are unlikely to pull out of the fiscal crisis by themselves anytime soon. Without new revenues, states are likely to enact increasingly painful budget cuts. [PDF of full report]



posted by anonymous at 1:59 AM

Comments: Post a Comment
HOME
This page is powered by Blogger. Isn't yours?