State Budget Crisis
New Fiscal Year Brings Painful Spending Cuts, Continued Budget Gaps In Almost Every State
“The 2010 fiscal year begins for most states July 1. It brings an austere continuation of recession-driven cuts in essential services and poor prospects for improvement through 2011, according to a series of updated reports on state budget conditions.” Read press release
Updated Reports in the Series:
- State Budget Troubles Worsen
“At least 48 states addressed or are facing shortfalls in their budgets for the upcoming year totaling $166 billion or 24 percent of state budgets…. Aggregate gaps through 2011 likely will exceed $350 billion.”
- Tax Measures Help Balance State Budgets
“… Twenty-five states this year have enacted tax increases. Another 12 states are considering similar measures.”
- An Update on State Budget Cuts
“At least 39 states have imposed cuts that hurt vulnerable residents including health care, services to the elderly and disabled, K-12 education, higher education, and other areas.”
- Federal Fiscal Relief for States Is Working as Intended
“The federal aid is enough to close, on average, roughly 30-40 percent of state budget shortfalls.”
Related:
Climate Change
New EPA, CBO Estimates Refute Claims That House Climate Bill Would Impose Large Costs on Households and the Economy
New EPA and CBO analyses demonstrate that the costs of fighting greenhouse gas pollution are modest and manageable, decisively refuting opponents’ claims that reducing emissions would cost the average household several thousand dollars a year.
EPA estimates that the average cost per household of the climate bill coming to the House floor would be $80 to $111 per year. CBO estimates that if the policies the bill calls for in 2020 were already in place, the net annual economy-wide cost would average $175 per household in 2010.
CBO estimates that, on average, low-income households would not suffer any financial loss.
- More:
- Climate Change Analyses
New From the Center
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Tax Measures Help Balance State Budgets
Updated June 29, 2009
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Testimony: Robert Greenstein on the “Pay As You Go” Budget Rule
Updated June 25, 2009
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Employer Requirement Under Consideration For Senate Finance Committee Health Bill Could Discourage Hiring of Low-Income, Minority, Disabled Workers
June 24, 2009
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Some Media Reports Mischaracterize CBO Estimate of Senate “HELP” Health Reform Bill
June 16, 2009
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Reducing Medicaid and Medicare Drug Costs Could Help Pay For Health Reform
June 11, 2009
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