Posted on 12/18/2007 7:37:03 AM PST by george76
For the third time in a month, an analysis of state finances is warning that budget deficits and spending cuts are on the way.
Thirteen states say they could face shortfalls for the fiscal year that begins July 1 in most states, including large states like California and New York.
The deficits could reach at least $23 billion, according to an analysis by the Center on Budget and Policy Priorities released Tuesday.
The report says another 11 states expect problems with their budgets over the next two years, suggesting a return to the bleak economic outlook states faced at the beginning of the decade.
"We're really teetering on the edge," said Iris Lav, the center's deputy director. "With the deficits this large already before there's actual evidence we're in a recession, that seems quite serious."
The report mirrors findings earlier this month in two other surveys, one by the National Conference of State Legislatures and the other from the country's governors and state budget officers.
California is addressing a deficit that could range from $10 billion to $14 billion, while New York budget officials are projecting about a $4 billion deficit...
"Our problem is we've just been spending too much," California Senate Republican leader Dick Ackerman said in an interview. "Our income has gone up every year, but the rate of spending has gone up greater than the income."
(Excerpt) Read more at news.yahoo.com ...
IMO, that is the same budget game Arnold started playing a month ago by asking his administration to go figure out "how to cut 10%" of the spending.
It shouldn't be too long now before we start hearing the stories about how the disabled will be without assistance, the elderly will be put on the streets, and children will die--if they cut spending. Not to mention the roads being crumbled, the people being without water, and anarchy in the streets. Hark--I hear the violins now!
The MSM will push for tax increases. BUT--Arnold will push for Public Private Partnerships for every feasible state government operation around. He will try to sell it as "not raising taxes." Beware--these will all be very lucrative deals for Arnold's campaign donors and ones that will leave the state with a chunk of cash in the short term but disaster in the long run (when every revenue stream is committed to a private enterprise). One could muse that Arnold's deliberate path to fiscal destruction was actually his objective all along--leaving the PPP option as one that would be palatable to voters who don't want a tax increase.
Yeah... I know. I'm a distrustful cynic. (and/or, very observant!)
I think you're right-on about the Senate--Arnold would never want to be just one of 100 (nor a "junior" anything!) Can't ya just see him travelling the world in photo-ops with GHWB and WJC? There must be some high-fallutin' post associated with Gorebull Warming from which he can reign. Or... President of Austria is another possibility.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Yep. It's really sad on budget hearing days they wheel the mentally handicapped and disabled in wheelchairs and even on gurneys into the hallways of the capitol as props, where they sit around looking scared and confused. Liberals have no shame.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Oh, that is sooooo pathetic!
Liberals have no shame.
Understatement.
This Californian is deeply OFFENDED by his sickening sophistry!!! (but I guess that's what I get for caring)
New tagline notice!!!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
“It shouldn’t be too long now before we start hearing the stories about how the disabled will be without assistance, the elderly will be put on the streets, and children will die—if they cut spending. Not to mention the roads being crumbled, the people being without water, and anarchy in the streets. Hark—I hear the violins now!”
Our local rag had a pre mature eruption re these sad stories in late summer and early fall. They backed off.
They're just on Siesta. ;-)
Try this for clarification:
"Arnold is poing the pure Greens. He will veto a Green bill that would cause large unemployment or economic losses to many voters to satisfy a few radical greens."
Apparently several of us sent the same message to the editor/publisher to back off the so called bad news for the oppressed so called minorities, or they will be buying your fishwrap and ads.
Alaska is flush, but this may not continue more than another year or two.
Si!
Because of overprice real estate and sales tax revenues from people using their home ATM.
ditto
Thanks for the ping. Very interesting.
Same in Colorado with our socialist Governor and worse...
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