States have Closed $527 B Budget Gap Since 2007

By: Associated Press
By: Associated Press

New data shows state governments have lost $527 billion in revenue since 2007, forcing lawmakers to slash state spending nationwide.

According to data released Tuesday, state lawmakers expect slow to moderate economic growth in the next few years and expect to make fewer cuts. But that was before the recent political turmoil over the debt ceiling, a precipitous drop in the stock market and the downgrading of government bonds.

The National Conference of State Legislatures collated the data on states' 2012 budgets. Some states, such as Texas, draft two year budgets.

Analysts predict lawmakers will face budget shortfalls totaling $89 billion in 2012, an improvement over the $145 billion shortfall they faced in 2011.

Most states cut spending to cope with the shortfalls rather than raise taxes.

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