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US state finances begin to stabilise [View All]

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alp227 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 09:37 PM
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US state finances begin to stabilise
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Source: Financial Times (google title for full article)

The finances of US states are stabilising after years of crippling deficits, but fiscal officers are concerned that global economic volatility could lead to new shortfalls.

A recent survey of legislative fiscal officers conducted by the National Conference of State Legislatures, a bipartisan research group, showed that a rebound in overall revenues that began last year is continuing, while expenditures in most states are stable.

For the first time in four years, only a few states reported new budget deficits opening during the fiscal year, which for most states began on July 1.

All but one of the 50 states must balance their budget annually. The economic recession decimated state revenues, resulting in cumulative deficits of more than $500bn since 2008 and dramatic spending cuts to close the gaps.

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