We As Well As The Entire Western World Are Falling Off A Cliff And The CDS Market Is Already Decimating State Debt!.

Posted By on March 3, 2010

Indiana Puts 17th Notch In Revenue Shortfall Belt

By Eric Bradner
Posted March 2, 2010 at 11:45 p.m.

INDIANAPOLIS — Indiana now has had 17 consecutive months of bad fiscal news.

The latest revenue report on Tuesday showed the state took in $85.5 million less in taxes in February than was predicted less than three months ago.

That puts the state $869 million below what lawmakers expected when they passed the budget for the fiscal period beginning in July.

Gov. Mitch Daniels did not immediately order any budget cuts, but since it’s been 17 months since actual revenues met projections, he said further spending reductions might be necessary if revenues continue to sag.

“We’ll just have to keep looking at it. There’s not a state in the union that’s done as much as we have, and we’re not out of tricks yet,” Daniels said.

Daniels in December ordered a 3.5 percent cut in K-12 education funding. The move came after he slashed state agencies’ budgets, reduced or eliminated funding for a series of programs and cut $150 million in higher education spending.

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