February 21, 2003

The stock market crash, a national recession and rising health care costs are blamed for much of what is ailing the states' economies. In at least 30 states, revenues are coming in below the projected levels and to make matters worse 37 states report that spending is exceeding budgeted levels. Almost all states have a statutory or constitutional requirement for a balanced budget. Irrespective of the restrictiveness of the balanced budget considerations, it is apparent that the states' economic conditions have changed and a response is forthcoming. Across the board budget cuts, employees layoffs, fee increases and tax increases are many of the options being considered.

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