Spending Their Way Out of Debt
The New York solution to a budget crisis.
William Tucker
May 26, 2003, Vol. 8, No. 36
New York
NEARLY ALL 50 states are experiencing budget crises, with California in the worst shape, facing a $38.2 billion deficit. Even Arizona has a $1.3 billion shortfall. Washington state has had to close schools. Connecticut is cutting 2,800 public employees. In this context, New York state's $11.5 billion deficit on a $92 billion budget is only slightly above average, while New York City's $4.5 billion shortfall in a $40 billion budget wins an honorable mention.
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