| Publisher | Center on Budget and Policy Priorities | ||
|---|---|---|---|
| Format | 47.3KB PDF, requires Acrobat Rdr 5 | Date added | 29 Jul 2004 |
| Topics | Performance Budgeting and Management | ||
| Downloads | 4 | ||
Between fiscal year 2002 and fiscal year 2004, states faced budget gaps that totaled close to $200 billion. States are required by law or tradition to balance their budgets. As a result, states cut spending, drew down their reserves, raised taxes and used one-time measures such as borrowing, federal fiscal relief and payment date shifts to close those gaps. The analysis presented in this paper finds that states relied heavily on spending cuts and short-term measures to close budget gaps.
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