Friday, February 12, 2010

New Jersey: State of Fiscal Emergency

by Bill McBride on 2/12/2010 12:52:00 AM

From Reuters: New Jersey governor declares fiscal emergency

New Jersey Governor Chris Christie on Thursday declared a "fiscal emergency," allowing him to reserve or freeze state spending as part of his plan to tackle one of the largest 2011 deficits among U.S. states.
...
The deficit in the current budget, which ends on June 30, is $2.2 billion, while the gap in the following budget has spiked to $11 billion from a forecast of $8 billion in November ... the largest per-capita budget shortfall of any U.S. state
Just a late night budget update ...