State Budget Woes Only Get Worse

February 22, 2010 at 09:43 (Economy, General Stupidity, News)

The first bit should read: The already gloomy conditions of states’ economies are set to worsen due to the states’ inability to actually cut spending and stop using money as a political tool, according to preliminary survey findings from the National Governors Association released on Saturday.

WASHINGTON (Reuters) – The already gloomy conditions of states’ economies are set to worsen, according to preliminary survey findings from the National Governors Association released on Saturday.

“The situation is fairly poor for a lot of states around the country. In fact, most states,” Vermont Governor Jim Douglas, who is chairman of the association, said at a press conference at its annual meeting.

“What we’re finding out from a fiscal standpoint is that the worst is yet to come,” Douglas said.

In a survey conducted last week of 45 of the 50 states, the group found that states have $18.8 billion of budget gaps yet to be closed in fiscal 2010. This comes after they have already imposed measures to eliminate budget imbalances totaling $87 billion in the fiscal year, which for most started last summer.

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