States Face Shortfalls

13 Jan 2008

January 13, 2008 (LPAC)--"They're desperate. It's up to us to get the job done," remarked Lyndon LaRouche today on being briefed on the newest inadequate responses of some of the nation's governors to their states' revenue shortfalls. The Washington Post reported today that thirteen states are facing shortfalls in the next fiscal year. The governors' mooted plans to deal with the problems would be funny in less desperate times. New York Gov. Spitzer is reported considering a plan to securitize and then sell off a portion of state's future lottery proceeds. In New Jersey, Gov. Corzine has proposed a drastic increase in fees on the state's three toll roads, and then issuing bonds against those future toll revenues. Massachusetts Gov. Patrick is reportedly considering presenting a budget which will include future casino license fees as revenue, notwithstanding casinos which have not yet been approved and are strongly opposed in legislature.