North Carolina Budget Deficit Continues to be Discussed 2011-2012:

North Carolina’s projected budget deficit for next year is one of the largest in the country, according to a new report by the National Conference of State Legislatures. The organization, which provides research and expertise for state legislatures, surveyed 35 states to get a picture of their fiscal health heading into the 2011-12 budget year. Thirty of the states are projecting deficits that total $72 billion. North Carolina’s deficit is already expected to be $3.2 billion next year. Lawmakers struggled to cut about $1.3 billion from the budget they passed last month. The majority of the 2011-12 shortfall comes from the end of federal economic stimulus spending and $1.4 billion in temporary taxes, including a penny increase to the state’s sale tax rate, that are scheduled to expire next June. Only California, Connecticut, Minnesota, New York and Texas are projecting larger 2011-12 budget holes than North Carolina

Bruce Mildwurf, WRAL NEWS, 7/28/10


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