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01-18-2011, 11:26 PM #1
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Texas Cut 8,000 Jobs; Deep Layoffs NJ; Miami Mayor Recall
Tuesday, January 18, 2011 8:39 PM
Point of No Return; Fiscal Shell Games; Texas to Cut 8,000 Jobs; Deep Layoffs in NJ; Mayor Recall Vote in Miami; Oregon Workers' Comp Bankruptcy
Call it a Day of Reckoning or a Point of No Return. Either way, it has arrived. Cities and states are in forced cutback mode except for Illinois which managed to kick the can down the road with massive increases in taxes. Here is a sampling of some pretty bleak happenings in a number of cities and states.
Texas may Eliminate 8,000 Jobs, Cut Spending on Schools and Social Services by 11 Percent
In Texas, Republicans Make $9 Billion Reserve Off Limits. http://noir.bloomberg.com/apps/news?pid ... l2FswHB_cc
The two-year budget plan that the Texas House of Representatives will release today may eliminate more than 8,000 jobs and cut spending on schools, universities and social services by 11 percent. It will not tap $9.4 billion set aside for deep economic stress, Republicans say.
The Rainy Day fund will grow 14 percent by Aug. 31, 2013, bolstered by revenue from levies on oil and gas production, State Comptroller Susan Combs estimated this month. The fund has risen sixfold since 2007 as other states drained reserves to balance total deficits likely to top $190 billion during the next two years, according to the National Conference of State Legislatures.
While Texas is spending $87 billion of general-fund revenue in its current two-year budget, it won’t expend more than $77.3 billion in fiscal 2012 and 2013, Governor Rick Perry said in a Jan. 13 speech. Using the reserve would delay efforts to set the state’s fiscal house in order, he said. Texas voters in November supported Republicans who pledged to cut spending and not raise taxes in one of seven U.S. states without a levy on personal income, he said.
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