States Get Creative When Balancing Budgets
State government leaders are coping with widespread budget shortfalls triggered by rising foreclosures and falling home values — both of which erode property tax revenue and reduce state revenue — in a variety of ways.
But balanced budgets — which are legally mandated in most, if not all, states — are never easy to accomplish; they usually consist of some combination of higher taxes and controversial cuts in social services. Read more »
