Unfortunately, we are tied for the "Worst Expected State Budget Gaps"
As easy as it is to focus on Obamacare, Cap and Trade and all the other shenanigans in Washington, we can't forget dear old Illinois where the "Federal Republic of Chicago" rules the Roost. We have an opportunity in November to choose between Quinn and his Tax Raising, Business Wrecking Crew and Bill Brady.
Brady showed up at the Crystal Lake Tea Party Rally last Thursday and make a great speech in which he committed to reducing taxes and making the State "Business Friendly".
We all need to learn more about Brady but compared to the alternative, he's looking good right now. This is not an endorsement == at this time, just a heads up.
Below you will find the article from CNBC and link to its source "NCLS". Don't read this before trying to go to sleep. Save it for early morning so you have time to recover.
Article
The economic crisis has taken a toll on nearly every corner of the American economy, including the financial position of most US states. With shrinking tax revenues, some states are considering drastic measures to balance their budget.
In the most recent state budget report from the National Conference of State Legislatures (NCSL), the highest estimates for the 2011 budget gap demonstrate how bad the situation could get in the coming year. In order to close their 2010 budget gaps, most US states have been forced to cut spending, increase taxes, sell bonds or look to the federal government for help. But if the nation's economic situation doesn't dramatically improve, states may face even more daunting gaps in their 2011 budgets.
The NCSL highlights that although spending overruns are pinching state budgets, the principle cause of budget gaps is a steep drop-off in state revenues arising from lower-than-expected returns from income and sales taxes. States with the worst positions are ranked here according to the expected budget gap as a percentage of individual state general funds.
So, which states are potentially facing the worst 2010 budget gaps? Here are the 15 that are expecting the toughest road ahead.
By Paul Toscano
Links
http://www.cnbc.com/id/36510805?slide=1
http://www.ncsl.org/
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