States Reveal Budget Shortfalls

Results from a survey by the National Conference of State Legislatures show that states face a $32 billion budget gap, after already closing a $40 billion gap since the start of the current fiscal year. The organization is projecting a $65 billion gap for the next fiscal year, which begins July 1 for most states.

The largest projected gaps for fiscal 2010 are in Arizona (24.2%), New York (20%), California (18%), Wisconsin (17.2%), and Minnesota (14.7%).