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States draw down rainy day funds

or Maine Gov. John Baldacci (D), the convergence of bad economic times and a depleted state emergency savings account is a familiar experience. When Baldacci stepped into office in 2003, he inherited a recession-battered economy and an empty reserve account, also known as a rainy day fund. As a result, he and the Legislature faced the daunting task of closing a $1.2 billion budget hole without a financial cushion to absorb any of the shortfall.

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