States struggle with impending deficits

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The financial health of state governments around the nation is worsening, with tax revenues falling and budget gaps widening. Vermont doesn’t have a budget gap this year, but expects to be short $30 million next year.

New Hampshire has a budget gap of $58 million this year that is expected to rise to $148 million in 2004. Maine’s gap of $43 million is expected to spike to $475 million next year.

Many states are considering tax increases, as well as more cuts to bridge the difference between weak tax revenues and the money needed to run government.

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