By Andrew Welsh-Huggins
Associated Press Writer
July 2, 2009
COLUMBUS, Ohio -- Some states are facing their worst fiscal crisis in decades as a prolonged recession collides with historic drops in tax revenue.
Several states are entering the first weekend of the fiscal year and July Fourth holiday without a budget in place. California is set to begin issuing IOUs to vendors because it's out of money.
The sputtering economy has ravaged all forms of tax collections.
Taxes ranging from sales to personal income to property are all down.
New York State's Rockefeller Institute of Government says last year's drop in sales tax revenue was the worst in 50 years and early data this year suggests the problem has worsened.
The National Association of State Budget Officers says 42 states wrestled with budget deficits this spring, the most since the organization began tracking budgets 30 years ago.
Tax revenue drop fuels states' financial crisis
July 2, 2009
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