Sig Heil!!!!!!
Also see: A Different Kind of Governor
"Expansion of budget powers is unlikely; Patrick seeking leeway on cuts" by Matt Viser, Globe Staff | September 23, 2008
Senior state lawmakers remained reluctant yesterday to grant Governor Deval Patrick the broad powers he wants to make emergency budget cuts in all corners of state government, even as the faltering economy is drying up tax collections and causing potentially significant shortfalls.
Granting the governor such special authority would probably require the Legislature to return to Beacon Hill and vote. But the ailing economy, worries about declining stock prices, and the crisis in credit markets that are rattling Wall Street and Washington also gripped the State House yesterday. Lawmakers carefully calibrated their comments and sought to project a united front, describing a collaborative effort with Patrick to keep the budget balanced.
Please read: Reflections on the Bush Depression and George W. Bush's Economic Legacy
But lurking in the background is a complex set of issues - ranging from federal reimbursements to capital gains taxes - that could at any moment deepen the state's fiscal problems. The administration said last week that tax collections for September are running $200 million less than September 2007; and no one knows yet how much more revenues could tumble.
Not only that, but this state is borrowing money and floating bonds like there is no tomorrow!
"Things are changing every day," State Treasurer Timothy Cahill said as he emerged from a meeting with top administration, House, and Senate leaders. "We don't know what's going to happen tomorrow."
Early fall is historically a strong time for collecting revenues.
Uh-oh!
In addition to declining tax revenues, a potential pitfall is a shortfall in federal reimbursements for state healthcare programs. If federal aid falls short, that could force more budget cuts.
I'd say it is a lead-pipe certainty at this point; if it is not TRILLIONS for WARS and BANKS or BILLIONS for ISRAEL, this government isn't interested!!!
--more--"
For those who don't know it (and for any Mass. resident reading this), this state is finished!
We owe more than we can ever repay (see: The Big Pit), and they just keep on borrowing!!!!
