Shortfall of Up to $2 Billion Forecast for State Budget

Summary


Do you know who's standing in line behind the financial and automobile industries waiting for a bailout from the federal government?

State governments.

States across the nation - including Pennsylvania - hope the next stimulus package will include funds for its coffers to fill the budget shortfalls created by declining tax revenues.

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Extract


Shortfall of Up to $2 Billion Forecast for State Budget

Do you know who's standing in line behind the financial and automobile industries waiting for a bailout from the federal government?

State governments.

States across the nation - including Pennsylvania - hope the next stimulus package will include funds for its coffers to fill the budget shortfalls created by declining tax revenues.

In Pennsylvania, experts estimate between a $1.6 and $2 billion shortfall by the end of its fiscal year in June 2009.

"We are going to continue to see pretty grim national numbers and those will show up in Pennsylvania as well," says Mark Price, economist with the Pennsy...

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