900,000 Jobs

…states — which continue to face huge budget shortfalls that they must close — are taking steps now to plan their budgets for state fiscal year 2011, which starts on July 1, 2010 in most states.

…Presuming they will get no more fiscal relief, states will have to take steps to eliminate deficits…

…That, in turn, could cost the economy 900,000 jobs next year.

…States are continuing to grapple with record steep declines in tax receipts.

…Deficits for the current state fiscal year, not all of which states have closed, total more than 25 percent of state general fund budgets, making these the largest shortfalls on record.

Center on Budget and Policy Priorities