FACTBOX: States face daunting budget gaps
(Reuters) - Some states are facing daunting and even record budget deficits as the national economy remains mired in a recession. The Center on Budget and Policy Priorities estimates that state budget gaps for the current and next two fiscal years could surpass $350 billion.
The following lists budget deficit or revenue shortfall projections for some states along with a top state official's view of just how bad the fiscal situation is:
CALIFORNIA: $40 billion in fiscal 2009 and 2010 budgets.
"As a result of all this, California, the eighth largest economy in the world, faces insolvency within weeks," Gov. Arnold Schwarzenegger, January 15
NEW YORK: $15.4 billion over the next 14 months.
"We do know that these are the worst economic times since the Great Depression," Gov. David Paterson, January 7
NEW JERSEY: $8.1 billion in fiscal 2009 and 2010 budgets.
"Let me repeat, my first priority -- my second priority -- and my third priority -- is to get our state through these challenging economic times," Gov. Jon Corzine, January 13.
OHIO: $7.3 billion in the fiscal 2010-11 biennial budget. Continued...