Tags: rhode | island | deficit

Rhode Island Faces $200 Million Deficit

Wednesday, 11 Nov 2009 02:11 PM

PROVIDENCE, R.I. -- Economic woes in Rhode Island could drive the state's budget deficit to nearly $200 million, a gap equivalent to about 6 percent of expected state income.

Budget officials for Gov. Don Carcieri and lawmakers predicted Tuesday that the state's income will drop about $130 million during the fiscal year ending in June.

Among the biggest drops are an 8 percent decline in the sales tax and a 5 percent drop in the personal income tax.

Besides dealing with falling income, the state began the year with a $62 million deficit from the previous year, further aggravating the current budget gap.

Carcieri, a Republican, said in a written statement that state leaders must avoid raising taxes to fix the shortfalls.

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
Economy
PROVIDENCE, R.I. -- Economic woes in Rhode Island could drive the state's budget deficit to nearly $200 million, a gap equivalent to about 6 percent of expected state income.Budget officials for Gov. Don Carcieri and lawmakers predicted Tuesday that the state's income will...
rhode,island,deficit
122
2009-11-11
Wednesday, 11 Nov 2009 02:11 PM
Newsmax Inc.
 

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.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved