WSJ: "States face budget shortfalls of $26.7B"
The following is an excerpt; click here to read the entire article and view a chart of the states’ budget gaps.
States are reporting billions in midyear budget shortfalls, and the crunch is likely to continue for at least several more years, a new report says.
Fifteen states are facing combined budget gaps midway through their 2011 fiscal year totaling $26.7 billion, according to a National Conference of State Legislatures report to be released Wednesday. The other 35 states say they are on target with their budgets. At this time last year, 36 states reported a combined $28.2 billion shortfall.
Many states are bracing for more tight times ahead: 35 states said they expected budget gaps next year, and 24 states predicted shortfalls in fiscal 2013. “At this point, it is difficult to forecast when the vast majority of states will no longer face budget gaps,” the report said.