Tennessee Makes Emergency Budget Reduction

By Kleinheider Posted on October 8, 2008 at 9:46 am

Via the Times Free Press:

“We don’t even know what the effect of the financial crisis that started in September is really going to be,” Mr. Goetz said Tuesday in a conference call with reporters. “This gets us into an interim step. It’s a step-wise approach towards being able to deal with what is a very serious fiscal crisis.”

Although $126.5 million in cuts already had been “baked into the budget” to avoid shortfalls, debilitatingly low sales tax collections have forced the state to pull $106 million more out of money already promised to various agencies this year, Mr. Goetz said.

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