Posts tagged ‘state budget deficits’

January 11, 2009

Here’s how one state closed their budget gap

by thoughtfulconservative

From TBO.com

By raiding the trust funds and cutting planned spending, the Legislature came up with about $2.5 billion to close the gap in the $66.3 billion budget. That’s a larger amount than expected because tax collections and other state revenue have continued to decline since the deficit was estimated at $2.3 billion.[Emphasis mine]

No new taxes yet they came up with $2.5 million.

  • The Lawton Chiles [former Florida governor and senator] Endowment anti-tobacco fund, from which interest normally pays for child welfare, child and elderly health care programs and anti-smoking efforts, lost $700 million, more than half the assets in the fund.
  • A trust fund intended to provide low-income housing lost $190 million.
  • They made cuts on schools, universities, health care programs, and the judiciary among others.

Transportation fund? Spared.

The budget deficit increase roughly $200 million since the Florida legislature started working on the budget. Will it increase more in this economy?

Wisconsin’s budget deficit is twice as large.

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January 4, 2009

Three Wisconsin legislators plan to refuse pay raise

by thoughtfulconservative

Via Owen at Boots & Sabers, Three Wisconsin legislators plan to refuse pay raise.

[Rep. Bob] Ziegelbauer [(D-Manitowoc)], Sen. Jon Erpenbach (D-Waunakee) and Sen. Dan Kapanke (R-La Crosse) have said they won’t take the pay raise because the state faces a two-year deficit of $5.4 billion. Others could join them in coming weeks.

Good for them. I’m waiting for Rep. Bill Kramer and Sen. Ted Kanavas to do the same. I trust I won’t have to wait long.

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November 2, 2008

Should the federal government bail out the states?

by thoughtfulconservative

From a NYTimes editorial

If Congress and the White House can bail out bankers and insurance companies and possibly the auto industry, they should be able to help state and local governments, too. The aid could be temporary, the way it has been during past recessions. And it should come after cities and states have downsized to the essentials.

The rub comes in defining those “essentials.”

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