Financial Armageddon
January 20, 2010

In “Chart of the Day: State Buget Gaps 2010,” Credit Writedowns points us to a disturbing graphic in a recent report from the Congressional Budget Office, entitled “Policies for Increasing Economic Growth and Employment in 2010 and 2011.”

As CW’s Edward Harrison notes,

this is not just about California. Come summer 2010, the most severe gaps will be closed via budget cuts or tax increases unless the Federal Government can pull a rabbit out of the hat.

state budget gaps

My only quibble: the figure should probably have been rendered in shades of red, rather than blue, to better convey just how bad things are when it comes to the state of municipal finances.

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