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States closed record $142.6 billion in gaps

States closed $142.6 billion in budget gaps for fiscal 2010 and could face more shortfalls in the next two budget years, according to a report released Monday (July 20). The National Conference of State Legislatures issued the report on state budgets and taxes as it opened its annual legislative summit in Philadelphia.

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The $1 billion disagreement (access required)

Tax increases. Prison privatization. Lottery securitization. Fund sweeps. Deep spending cuts. Numerous points of contention exist between Gov. Jan Brewer and the Legislature regarding the budget. But before the two sides can sort out those disagreements, they will have to determine exactly how big the fiscal 2010 deficit is.

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Report: Bleak state budgets through 2011

Even if the national recession ends this year as many predict, state budgets will likely be in the red for the next two years, with budget gaps topping $230 billion as tax collections of sales, personal and corporate income lag, two new reports show.

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Budget shortfall blamed on overspending, tax cuts (access required)

Rapid increases in government spending, permanent tax cuts for individuals and woefully inadequate levels of savings have put Arizona on a treacherous financial path during the past 15 years. Now, lawmakers are trying to detangle the state’s twisted finances and unwind one of the biggest budget knots in state history.

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