And, of course, *Federal aid* is created out of thin air. Or, more accurately, from felling trees and printing paper money!
Full story here.
The State of Massachusetts predicted $19.5 billion in tax revenue this year. Already, they are saying to expect a number more like $17.7 billion. I don't know about y'all, but I'll take the *under* there.
Here's the money quote from State Budget To Be 'Doom and Gloom' For Years To Come:
Current spending for this fiscal year also must be dramatically scaled back. Treasurer Timothy P. Cahill said state spending will outpace incoming state revenues by $335 million in May and $717 million in June. Even if the state stopped paying all of its employees, Cahill said, it would not be enough to solve the current year's budget problems.