R.I. state budget deficit grows by $200 million
4:24 PM Mon, May 11, 2009 | Permalink
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Rhode Island government's budget deficits have grown by $200 million, according to revenue projections released this afternoon that will put new pressure on state lawmakers to raise taxes and cut spending on its the state workforce, human service programs, and local aid. Governor Carcieri this spring proposed a budget for the fiscal year that begins July 1 anticipating a shortfall of $460 million. The hole has now grown by $130 million, according to today's numbers, finalized by the state's top budget officials during their bi-annual Revenue Estimating Conference. And lawmakers in April adopted a mid-year budget revision they hoped had closed a massive current-year hole. But it didn't go far enough. There remains a current-year shortfall of $70 million, according to today's projections. The state's financial situation is blamed largely on the economy. Rhode Island largely fills its coffers with tax revenue -- income and sales taxes are the largest contributors. A weak economy means fewer jobs and less consumer spending. The largest drivers of the $200 million revenue drop are: Income tax revenue: -$118 million 
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just reported by espn judge goldberg has been traded for brian stern and a judge to be named later.usual rhode island backroom politics going on while the state looses millions
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If those incompetents at the GA even think about raising taxes to make up the deficit, they are even more stupid than I thought (and I already thought they weren't the brightest bunch out there). How is making people who already paying their fair share, or more, pay even more for bloated union contracts and liberal woe-is-me entitlement programs going to help the economy? Instead you'll drive even more business and successful tax-payers away. Then where will we be?
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Don't think for a second that this is just sneaking up on us...This state has been spending itself into oblivion....Pensions and Healthcare being at the forefront of the tsunami...You thought the banking crisis wreaked havoc....JUST YOU WAIT!
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Rhody will be fine. We'll just keep re-electing the same blithering idiots, thieves, and hacks and in a few years we'll be bankrupt and we won't have to worry about these deficits. All our debt and pension obligations will be paid off at about five cents on the dollar and we'll be absorbed my MA and CT. Not to worry.
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Let them just declare bankruptcy and start over. I truly don't see any hope for this miserable, corrupt state government and the incredibly incompetent GA.
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The deficit gets larger and still the Gov.and GA won't back away from the Medicaid waiver-and RI is the only state that agreed to it-and claim the $150M RI lost in stimulus that keeping the waiver has cost RI.
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I guess this is WHY the RI General Assembly gave out those raises and promotions as listed in yesterdays news blog. Such well deserved raises as the state faces a growing deficit and I face a pay cut.
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Oh yeah - but those Carcieri administrator pay raises wen right through. This man is more than a lame duck - he needs to be removed form office immediately before he makes a terrible economic situation evern worse. CARCIERI HAS NO CLUE - go check yourself into an alzheimer's home, Don. You failed with an capital F- !
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