accountNEW YORK (CNNMoney) -- California Gov. Jerry Brown unveiled Monday a draconian budget plan that would slash $12.
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STATE BUDGET DEFICITS
Cumulative state budget deficits for fiscal year 2009 are projected to be $168 Billion despite states having received more than $200 Billion in direct federal "stimulus" assistance. No doubt, a large portion of this shortfall (which equals 24% of expected expenditures) is caused by recession. But lots is also caused by tax policies which have often limited property taxes after voter referendum, made corporate taxes incredibly sensitive to changes in receipts or sales; and in general made state tax revenue much more sensitive to economic downturn. If companies deemed too big to fail must increase capital reserves; then the states should also be required to maintain much higher rainy day (or surplus) funds. This topic covers the latest news and information on state budget deficits.
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Recent news on this topic.
lawmakers in Illinois are scrambling to pass massive personal and corporate income tax hikes Tuesday to bring their...
he will target reducing the costs of government pensions, benefits and education as he seeks to balance the state...
ask every state agency to go through budgets to justify each expense. We have enough money in the state budget, he told...
Texas Gov. Rick Perry boasted during his re-election campaign last fall about his state's fiscal health.
budget outlook in America, think again. California's deficit is at $21 billion, or roughly 20%, of the state budget.
to offset a deficit that the Center on Budget and Policy Priorities said equaled 37 percent of its state budget.
Acting Gov. Abel Maldonado is asking President Barack Obama to declare a major disaster in California because of the...
Medicaid costs running out June 30, were heading for a cliff in July, said Brian Sigritz, director of state fiscal...
state with the worst problem is Illinois, where the projected $17 billion shortfall is roughly half the projected state...
it out in grim terms. "I have nothing but bad news for you," he said. The current state budget, which was...
savings builds on our ongoing call to keep government spending in check so that we can balance our state budget without...
The bi-partisan commission that was formed to cut the deficit and bring America's finances back in order is discussed...
full fiscal health anytime soon at the current rate of employment growth, said Nicholas Johnson, director of the State...
ACLU report, he said the courts have struggled with a continual reduction of resources because of the yearly state...
Ohio Gov.-elect John Kasich has promised not to raise taxes. By Tami Luhby, senior writerNovember 15, 2010: 7:24 AM ET...
TheBeginner.eu - The starting point of analysis - Fresh and Unique EU Analysis, Original Opinions, Curious Facts,...
Incentives have become hugely expensive and proven themselves largely ineffective during the current economic slowdown.
of $315 million in the current fiscal year due to lower-than-expected tax collections and high Medicaid costs, the...
The Berkeley professor and Clinton Labor Secretary on the beleaguered American middle class and President Obama's...
Sen. Bill Brady is a right-wing version of Rod Blagojevich when it comes to solving Illinois' budget deficit.
a documented record of House votes on many issues facing our nation. Giannoulias has a thin record on state fiscal...
With the election only a couple of weeks away, things don't appear to be going well for the nonpartisan Nevada...
New Jersey Governor Chris Christie has become the national pacesetter in state fiscal reform, and he's once again...
the most urgent problem facing your jurisdiction? 'The massive $2.5 billion annual unfunded structural deficit in our...
Top Sources: State Budget Deficits
- bloomberg.com
- ihavenet.com
- money.cnn.com
- BusinessWeek
- statesmanjournal.com
- publicpolicydialogue.blogspot.com
- CNN Money
- Wall Street Journal Online
- trendpov.com
- tanmaygopal.blogspot.com
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