41 States have a cumulative mid-2010 budget shorfall of $38 billion, or 7% of their total budgets.WSJ has a state by state breakdown here Of note, Arizona has a mid-year budget shortfall equal to 19.7% of its General Fund budget. Oaklahoma is at 15.1%, Illionois 14.3%, Rhode Island 13.0%, Nevada 12.5%. The closest to budget is Florida with only a 0.6% deficit.
2011 is set to be much worse, with $103 billion in deficits — 17% of the total budgets — across 42 states.
Friday, February 26, 2010
The State of the States: Mid-Year State Budget Deficits at $38 Billion
The Center on Budget and Policy Priorities reports that:
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A shortfall in Oklahoma? That's not possible! Oklahoma has been insisting "it's different here" since the economy started tanking. I mean ... isn't it different here?
ReplyDelete{face palm}
In all seriousness, I would think the shortfall would be much worse. The total tax receipts through 2009 were off around 30% YOY, and that's not really abating this year, unless 25% counts as abating. They have been cutting budgets, but still.