State Budget Office Warns of Dark Days Ahead

The Division of the Budget said today in a new report that the state’s budget outlook is looking increasingly dire as the fiscal year progresses.

According to the report, “Weak and unsettled economic conditions around the world — illustrated by the Eurozone financial crisis, volatility in the financial markets, and persistently disappointing data on employment, consumer confidence, and income — have darkened the State’s fiscal outlook. The significant positive receipts results early in the fiscal year have been largely eroded as the economy weakened in the summer months. With the prospect of a weak bonus season on Wall Street, even more negative pressure is being placed on the State’s receipts outlook.” Read More

State Budget Office Warns of Dark Days Ahead