Bleak Outlook for State Finances

December 3, 2009

"States are current facing one of the worst, if not the worst, fiscal periods since the Great Depression." With that downbeat assessment, the National Governors Association and the National Association of State Budget Officers introduced their semi-annual "Fiscal Survey of States," which projects continued declines in tax revenues driving the need for additional cutbacks in state spending in 2010, 2011 and possibly 2012. Thirty-three states cut their spending on higher education in the 2009 fiscal year and 30 did so for 2010, although federal stimulus funds backfilled the cuts in states such as Colorado, New Mexico and Oklahoma in 2010, the report said. Lawmakers or governors in several other states exempted higher education (Tennessee and Vermont) or student financial aid (Indiana and South Carolina) from budget cuts in 2010.

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