More pain coming: State budget gaps loom
June 25th, 2010
The New Mexico Legislative Finance Committee predicted 5% revenue growth for FY 2011 and 2012 allowing replacement of federal stimulus funds.[4]
I don’t have better numbers for NM but national statistics show we’re not hitting 5%. I just read that the figure has again been decreased to about 2.8%.
Most economists I follow are now VERY concerned about a double-dip recession. I share this concern. The May jobs report was terrible. I believe we get the June job report on July 2nd – next week. ARRA money is running out and the private sector remains depressed. We just received terrible news about the housing market as well. And, Republicans, as I sent out earlier today, just blocked unemployment assistance and small business tax breaks.
More pain coming: State budget gap is $89 billion
Scott Goold --
By Hibah Yousuf, staff reporter
April 14, 2010:
7:07 PM ET
cnnmoney.com
NEW YORK (CNNMoney.com) -- States will have to find a way to close an $89 billion budget gap before their 2011 fiscal year begins in July, according to a report from the National Conference of State Legislatures released Wednesday.
But there might be one sign of improvement on the horizon: In what the conference calls a "noteworthy turn," 42 states estimate that revenues will actually grow above current-year levels....
CLICK HERE! Read the rest at CNNMoney
