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March 8, 2021
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BUDGET CRISIS
(2007-03-13)
(wgvu) - INVESTMENT ANALYSTS WARN THAT MICHIGAN
MUST FIX ITS BUDGET CRISIS QUICKLY OR RISK EVEN LOWER RATINGS AND A
BLEAKER OUTLOOK AHEAD.
ACCORDING TO AN STANDARD AND POOR REPORT, MICHIGAN IS THE ONLY
STATE WITH A NEGATIVE CREDIT OUTLOOK. IT FACES MASSIVE SHORTFALLS
IN THE CURRENT AND UPCOMING BUDGETS.
THE REPORT SAYS MICHIGAN'S CREDIT OUTLOOK COULD BE REVISED TO
STABLE IF LAWMAKERS PASS A TAX REFORM PACKAGE AND TAKE STEPS SUCH
AS INCREASING TAXES TO BALANCE NEXT YEAR'S BUDGET.
A SPOKESWOMAN FOR GOVERNOR GRANHOLM SAYS THE REPORT SHOWS
LAWMAKERS SHOULD PASS THE GOVERNOR'S PLAN TO CUT SPENDING AND RAISE
REVENUE. BUT A SPOKESMAN FOR THE REPUBLICAN SENATE MAJORITY LEADER
SAYS THE CURRENT YEAR'S SHORTFALL CAN BE FIXED WITH CUTS ALONE.

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