by Calculated Risk on 1/19/2010 10:31:00 AM

New York has the earliest start to the new fiscal year, and other states will soon follow, see: Illinois: "state of insolvency"

From CNNMoney: New York budget plan a sign of things to come for the states (ht energyecon)

New York's governor unveiled a painful budget plan Tuesday that slashes services, raises fees and implements some creative actions to close a yawning $7.4 billion fiscal gap.
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"There are no more easy answers. We cannot keep spending money that we do not have," Paterson said in a written statement.
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The state's woes are a bellwether of what others around the nation are facing. New York's fiscal year starts in April, the earliest of any state.