Friday, August 14, 2020
With tax revenues plummeting, states could face a cumulative budget gap of at least $555 billion through the 2022 fiscal year, according to one estimate. Economists warn that, unless Congress intervenes, the long-term financial damage might be greater than after the recession of 2007-9. Nearly all states are required to balance their budgets, meaning officials will need to plug shortfalls by tapping rainy-day funds, raising taxes or cutting costs, including by eliminating jobs.
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