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To: Les H who wrote (3700)11/25/2002 10:50:07 AM
From: jtech  Read Replies (1) of 29601
 
+DJ Natl Govs Assoc: '03 State Tax Hikes Biggest Since '92

11/25/2002
Dow Jones News Services
(Copyright © 2002 Dow Jones & Company, Inc.)


(MORE) DOW JONES NEWS 11-25-02

10:32 AM

DJ Natl Govs Assoc -2: `Nearly Every State In Fiscal Crisis`


WASHINGTON (Dow Jones)--Reeling from their biggest budget crisis in more than 50 years, U.S. states will raise taxes and fees by $8.3 billion in fiscal 2003, the largest amount in 11 years, the National Governors Association said Monday.

"Nearly every state is in fiscal crisis," the association said in a joint report with the National Association of State Budget Officers. "Amid a slowing national economy, state revenues have shrunk at the same time that spending pressures are mounting - particularly for Medicaid and other health care - creating massive budget shortfalls."

The report did not make an estimate of how large the collective budget shortfall would be. But the National Conference of State Legislatures said in a report Friday that the shortfall in fiscal 2003 would be at least $17.5 billion.

"As states fight to balance their budgets, the solutions available to them are increasingly dire, and some of the most difficult decisions have yet to be made," the governors' association said.

It said 23 of the 49 states it surveyed this year will raise taxes and fees in fiscal 2003. Florida did not participate in the survey.


(MORE) DOW JONES NEWS 11-25-02

10:48 AM
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