(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.
“In the next two years, Ohio will confront the most serious erosion in revenues it has experienced in the last 40 or 50 years,” Gov. Ted Strickland, December 1
WISCONSIN: $5.4 billion in fiscal 2009, 2010 and 2011 budgets.
“The projected drop in revenue, combined with expected needed increases in programs such as unemployment and Medicaid, leaves us facing our largest budget gap ever,” Gov. Jim Doyle, December 11
MINNESOTA: $4.84 billion in fiscal 2010-11 biennial budget.
“The state of our state is challenged...,” Gov. Tim Pawlenty, January 15
FLORIDA: $3.5 billon in fiscal 2009 and 2010 budgets.
“We probably have the toughest budget (challenges) maybe in the state’s history,” Florida House Speaker Ray Sansom, January 22.
NEVADA: more than $2 billion in the fiscal 2010 and 2011 budgets.
“The numbers are daunting. The visitor count to our state normally increases every year. Instead, during the past 12 months, our visitor count to Las Vegas declined by over one million people, or 3.5 percent,” Gov. Jim Gibbons, January 15
Reporting by Karen Pierog; Additional reporting by Jim Christie in San Francisco, Michael Peltier in Tallahassee, Michael Connor in Miami and Joan Gralla in New York