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Home / States Face Deeper and Deeper Budget CutsStates Face Deeper and Deeper Budget Cuts
Last Updated on Monday, 17 November 2008 11:51 Written by rslcpol Monday, 17 November 2008 11:51
From the International Herald Tribune:
Two short months ago, lawmakers in California struggled to close a $15 billion hole in the state budget. It was among the biggest deficits in state history. Now the state faces an additional $11 billion shortfall and may be unable to pay its bills this spring.
The astonishing decline in revenues is without modern precedent here, but California is hardly alone. A majority of U.S. states – many with budgets already full of deep cuts and dependent on raiding rainy-day funds or tax increases – are scrambling to find ways to get through the rest of the year without hacking apart vital services or raising taxes.