Yesterday, the governor of Puerto Rico announced that his government’s $72 billion of debts are not payable, in advance of $1.92 billion in debt service payments due on Wednesday. This announcement follows over a year...
- The Tax Policy Blog
- State Budgets: Ohio Governor Expands Tax Incentives, Thre...
State Budgets: Ohio Governor Expands Tax Incentives, Threatens "Washington Monument" to Get Federal Aid
Gov. Ted Strickland (D) has instructed state agencies to cut a total of $1.9 billion from the current biennial $116 billion state budget, including a recent order to close a $640 million shortfall. Strickland has also warned that the 2010-11 biennial budget faces a $7.3 billion shortfall, outlining a "worst-case scenario" of closing six prisons, slashing education subsidies and hiking tuition, stopping nursing home inspections, and pushing hundreds of mentally disabled individuals out of state care facilities. Strickland has used this "Washington Monument" ploy to push for $5 billion in federal aid, but doesn't plan to roll back some recently phased-in income tax reductions. Additionally, state officials are seeking a reorganization of school funding and $1.57 billion in subsidies to favored businesses as stimulus.
More on Ohio here.
Get Email Updates from the Tax Foundation
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.