Tags: budget | patrick | estimates

Mass. Faces Unexpected Budget Shortfall

Monday, 26 Nov 2012 12:26 PM

By Greg McDonald

Faced with weaker revenues than expected, Massachusetts Gov. Deval Patrick's administration has stopped a scheduled income tax reduction, curbed hiring, and has begun searching for areas to make deeper cuts.
According to the Boston Globe, recent tax revenues were $162 million short of estimates and are running about $256 million behind budget.
"Together the numbers add to the picture of a slow economic recovery and portend a daunting start to the new year for a governor already struggling with a state drug lab crisis and a fatal meningitis outbreak traced to a Massachusetts compounding pharmacy," the Globe said in a report Monday.
"The news is consistent with reports showing that the recovery, which had been on its way in Massachusetts, is slowing down. In recent months, the Massachusetts unemployment ratehas climbed slightly and the state’s economic growth,which had been outpacing the nation, fell behind."
The decrease in expected revenues is not as bad as the numbers during the recession. But nonetheless, state officials told the Globe that plans to restore cuts in some programs next year will have to be put on hold as the state continues its belt-tightening.
 “I think there’s a strong likelihood that we will very soon be revising the budget estimates downward and make some budgetary reductions,” Jay Gonzalez, secretary of the Executive Office for Administration and Finance, told the Globe.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

KFC Double Down Dog Subs Fried Chicken for Hotdog Bun

Wednesday, 28 Jan 2015 11:30 AM

KFC has introduced a new Double Down Dog in the Philippines which replaces the traditional bread hot dog bun with one ma . . .

FTC: Internet of Things, Smart Devices Put Consumer Security at Risk

Wednesday, 28 Jan 2015 10:47 AM

The FTC has warned that the so-called Internet of Things , web-connected devices like thermostats, garage door openers,  . . .

Jordan, ISIS Swap of Woman Bomber for Captured Pilot OK'd

Wednesday, 28 Jan 2015 10:50 AM

An Iraqi woman prisoner involved in deadly 2005 hotel bombings in Jordan will be swapped for a Jordanian pilot captured  . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved