Lawmakers return Monday to red ink - Ahwatukee Foothills News: Localnews

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Lawmakers return Monday to red ink

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, January 5, 2010 12:00 am

Lawmakers return to the Capitol Monday as the state continues to bleed red ink with general fund revenues down in November 15.7 percent compared to last year, and $81 million less than expected.

That brings this year’s budget deficit, after just five months, to $1.92 billion, according to the non-partisan Joint Legislative Budget Committee.

Rep. John McComish (R-Ahwatukee Foothills) said the current budget deficit is something that lawmakers need to continue to focus on, while at the same time focusing on future economic development and job growth to help Arizona pull out of the economic recession.

But it won’t be easy.

As elected officials wrestle with this year’s deficit and next year’s projected shortfall that could hit $3 billion, they will also have to accept Arizona’s downgraded credit rating, which according to Moody’s went from Aa3 to A1, which means that borrowing money to fill the budget gap will be more expensive.

Lawmakers met in December and shaved $193 million from the state’s deficit, but are still facing a shortfall this year that the Joint Legislative Budget Committee said could easily increase before the end of the fiscal year, June 30.

While the budget picture looks bleak, there are signs that some indicators show the economic decline is either slowing or even improving.

Existing homes sales are up and the federal government’s extension and expansion of homebuyer credit could extend the buying spree into 2010.

Also, November marked the fourth straight month of modest payroll growth, and unemployment dropped to 8.9 percent from 9.3 percent.

McComish said job growth will be key to Arizona’s economic recovery because steady jobs means home buying will pick up, reducing the home inventory now on the market and kick-starting the construction industry.

“Increase the jobs, you improve the housing situation,” McComish said, adding that lawmakers will be meeting before the regular session begins next week to look at how the Legislature can target job creation to help get the state out of the dumps.

“I think at the beginning of the year there is always a sense of optimism, that it’s a new year and we can get to work and tear down the deficit we have now and work on the next year’s shortfall,” McComish said.

More about

More about

More about

  • Discuss

Growing Greens in the Spare Room as ‘Vertical Farm’ Start-Ups Flourish

They include City-Hydro, a farm built in a spare bedroom on the second floor of Larry and Zhanna Hountz’s three-story rowhouse in Baltimore. M…

Published: June 30, 2016 - 7:43 am @ http://www.nytimes.com/2016/06/30/business/smallbu…

Dispatch from Philadelphia: The City Prepares for a Soda Tax

It’s been two weeks since Philadelphia approved a 1.5-cent-per-ounce tax on sugary beverages, and the city’s streets are still littered with t…

Published: June 30, 2016 - 7:13 am @ http://civileats.com/2016/06/30/dispatch-from-phil…

Gay Marriage, a Year Later

One year ago, the Supreme Court made same-sex marriage legal nationwide. We asked readers who were married shortly after the ruling to reflect…

Published: June 30, 2016 - 6:42 am @ http://www.nytimes.com/interactive/2016/06/28/us/s…

Arizona pot legalization supporters to submit petition

PHOENIX - Supporters of legalizing marijuana in Arizona are expected to submit enough signatures for their proposal to qualify for the ballot …

Published: June 30, 2016 - 6:23 am @ http://www.abc15.com/news/region-phoenix-metro/cen…

Gun Control Advocates Are Planning To Target Three Vulnerable Pro-Gun Senators

After a 15-hour filibuster in the Senate and a 25-hour sit-in in the House will likely fail to produce meaningful gun reform after the Orlando…

Published: June 30, 2016 - 5:42 am @ http://thinkprogress.org/politics/2016/06/30/37943…

Declassified CIA file: detainee would probably have cooperated before torture

Medical personnel who aided in the CIA’s first simulated drowning found that the detainee who endured it was probably willing to cooperate bef…

Published: June 30, 2016 - 5:40 am @ https://www.theguardian.com/law/2016/jun/14/cia-wa…

FLW Fishing: Articles

An unweighted Yamamoto Senko, rigged on a wide-gap hook, has caught a lot of bass for me. Most often, I use it where the fish have been hammer…

Published: June 30, 2016 - 4:22 am @ http://www.flwfishing.com/tips/2015-11-11-fishing-…

Attorney General Lynch has private meeting with Bill Clinton

Attorney General Loretta Lynch met privately with former President Bill Clinton in Arizona on Tuesday, but Ms. Lynch told reporters that the t…

Published: June 30, 2016 - 3:41 am @ http://www.foxnews.com/politics/2016/06/29/attorne…

Legal marijuana heading for Arizona vote

PHOENIX - Advocates for legalizing marijuana in Arizona say they will file more than 260,000 petition signatures Thursday with the secretary o…

Published: June 29, 2016 - 10:39 pm @ http://www.12news.com/news/politics/legal-marijuan…

Sungevity set to go public in merger with Easterly

Technology solutions provider Sungevity and Easterly Acquisition Corp. have entered into a definitive merger agreement that will see Sungevity…

Published: June 29, 2016 - 9:07 pm @ http://www.pv-tech.org/news/sungevity-set-to-go-pu…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…