Post by The Associated Press on Sept 11, 2010 21:59:19 GMT -5
Group says Ind. government finances in big trouble
Indianapolis — A new report says Indiana lawmakers will likely have to consider a tax increase next year to shore up state government’s finances.
The Indiana Fiscal Policy Institute research group said Thursday that the state could face a $1.3 billion deficit in the next budget year if the economy doesn’t drastically improve or deeper spending cuts aren’t made.
The institute says that budget hole is likely to play out if revenue grows at a historical 10-year annual average and spending is essentially kept at current levels.
Gov. Mitch Daniels already has cut state spending by hundreds of millions of dollars and there has been little talk among lawmakers of raising taxes.
Indianapolis — A new report says Indiana lawmakers will likely have to consider a tax increase next year to shore up state government’s finances.
The Indiana Fiscal Policy Institute research group said Thursday that the state could face a $1.3 billion deficit in the next budget year if the economy doesn’t drastically improve or deeper spending cuts aren’t made.
The institute says that budget hole is likely to play out if revenue grows at a historical 10-year annual average and spending is essentially kept at current levels.
Gov. Mitch Daniels already has cut state spending by hundreds of millions of dollars and there has been little talk among lawmakers of raising taxes.