State budget better, but still not in great shape USA (wgvu) - LANSING, Mich. (AP) - Michigan's state government budget crunch
shouldn't be nearly as bad this year as it was in the recent past.
But after a Friday meeting of some of the state's top fiscal
analysts, it appears the budget may not yet be completely out of
trouble. The problem is a struggling economy that could cut into
tax revenues well into 2009.
The budget for the fiscal year that started in October may not
have a deficit of any substantial size, thanks in large part to
recent tax increases.
A roughly $350 million dollar surplus from last fiscal year
could fill a revenue shortfall now projected for this fiscal year.
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