States’ fragile recovery at risk
(MCT) — With the national economy picking up and the housing market improving, states are poised in 2013 to finally rebound from the recession’s lingering revenue crunch. But continued budget delays in Washington may dampen that prospect.
For all the talk about the fiscal cliff, states already know what a free-fall in revenue feels like; they experienced one in the 2008-2009 recession. Back then, Washington bailed out the states, sending billions to help back-fill the massive deficits. Now states face the prospect of digging out of new budget holes created by belt-tightening in Washington.
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