AP Exclusive: State Budgets Slide
For the third time in a month, an analysis of state finances is warning that budget deficits and spending cuts are on the way.
Thirteen states say they could face shortfalls for the fiscal year that begins July 1 in most states, including large states like California and New York.
"With the deficits this large already before there's actual evidence we're in a recession, that seems quite serious."
"We're at the early stages of some pretty serious problems and whether or not those get worse depends on what happens with the national economy," said Corina Eckl, NCSL's fiscal program director
The report also suggests states' rainy day funds are too small
"Our problem is we've just been spending too much," California Senate Republican leader Dick Ackerman said in an interview. "Our income has gone up every year, but the rate of spending has gone up greater than the income."
Are there any States out there doing well?