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...Gist: Kudos to California! On July 20, the Golden State finally cobbled together a plan to bridge its $26.3 billion budget gap, leaving North Carolina, Connecticut and Pennsylvania as the only states that have not yet reached an agreement. But before lawmakers start slapping backs, they should know that next year's budget crunch could be even tighter. Thanks to dwindling revenues, paltry collection rates and the economic storm soaking taxpayers, the $142.6 billion budget shortfall that states faced during the 2009 fiscal year is but one hurdle in a longer financial gauntlet, according to this bleak assessment from...

Author: /time Magazine | Title: Why States' Budget Woes Won't End Soon | 7/23/2009 | See Source »

...hurdles ahead in 2011 and 2012: "Nearly two-thirds of the states already project a budget gap in FY 2011. Of the remaining states, many note that it is simply too early to know if a gap will occur, although several indicated that one is likely. The size of these projected gaps raise warning sirens-loud ones. Several states will need to close double-digit budget gaps yet again...

Author: /time Magazine | Title: Why States' Budget Woes Won't End Soon | 7/23/2009 | See Source »

...chain of acute budget gaps," the report notes. "Because the current state fiscal crisis began in FY 2008, many states are looking at a minimum of four to five years of deep fiscal problems." The headline of one ominous section - "The Foreboding Future" - is really all you need to know. The rest is mostly just recession gore...

Author: /time Magazine | Title: Why States' Budget Woes Won't End Soon | 7/23/2009 | See Source »

...Read "How to Know When the Economy Is Turning...

Author: /time Magazine | Title: Can Citi Ever Turn It Around? | 7/23/2009 | See Source »

...really does believe that God has a purpose in having him charged with this crime," Carney said, adding that his client has a great deal of religious faith. "He doesn't know what that purpose is yet, but he is confident it will turn out all right...

Author: By Athena Y. Jiang and Peter F. Zhu, CRIMSON STAFF WRITERS | Title: Suspect in Harvard Shooting Pleads Not Guilty to All Charges | 7/22/2009 | See Source »

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