Story Created:
Apr 25, 2008 at 1:23 PM EDT
Story Updated:
Apr 25, 2008 at 1:30 PM EDT
UNDATED (AP) - The nation may or may not be in recession, but a lot of states sure appear to be. A report by the National Conference of State Legislatures says the recession debate is "almost beside the point for some states."
The situation is grim in Delaware, with a 69 million dollar gap this year, and bleak in California, with a projected 16 billion budget shortfall over the next two years. Florida does not expect a rapid turnaround in revenue because of its prolonged real estate slump.
Sixteen states and Puerto Rico are reporting shortfalls in their current budgets.
But there's a silver lining for energy producing states. For instance, Alaska is making so much money from oil that it announced an estimated surplus next year of eight billion dollars, almost twice the state's annual budget.
On the Net:
NCSL: http://www.ncsl.org
(Copyright 2008 by The Associated Press. All Rights Reserved.)
