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

Left-Wing Daily Show Host Jon Stewart Says Obama Bad on Press Freedom and Left’s Racebaiting ‘Has to Stop’

Jon Stewart, former host of the left-wing Comedy Network cable TV show, “The Daily Show,” had a LOT to say during a recent interview with New …

Published: December 5, 2016 - 10:15 pm @ http://constitution.com/left-wing-daily-show-host-…

Top-Caliber Field for ESPN’s 2017 Jimmy V Men’s Basketball Classic

23rd annual men’s doubleheader culminating event for Jimmy V Week for Cancer Research The 2017 Jimmy V Men’s Basketball Classic doubleheader w…

Published: December 5, 2016 - 9:45 pm @ http://espnmediazone.com/us/press-releases/2016/12…

Nicole Royse Is Leaving Her Curator Position at MonOrchid

Lynn Trimble A A Nicole Royse is leaving her position as curator for Shade Projects at monOrchid, a staple of the downtown Phoenix arts scene,…

Published: December 5, 2016 - 9:39 pm @ http://www.phoenixnewtimes.com/arts/nicole-royse-i…

The young women activists who led Standing Rock to victory

Lauren Howland’s wrist was already bandaged up – broken, she thinks, by cops hitting her with batons – when she headed back to the front lines…

Published: December 5, 2016 - 9:42 pm @ http://www.huckmagazine.com/art-and-culture/young-…

Phoenix-based Translational Genomics Research Institute teams up with City of Hope to improve cancer treatments

City of Hope, an independent research and cancer and diabetes treatment center, recently formed an alliance with biomedical research institute…

Published: December 5, 2016 - 9:13 pm @ http://azbusinessdaily.com/stories/511051492-phoen…

Oregon Man Convicted Under Revenge Porn Law Claims It Is Unconstitutional

Oregon passed a revenge porn bill in June of last year criminalizing the “unlawful dissemination of [an] intimate image” of a person with the …

Published: December 5, 2016 - 9:14 pm @ http://www.slate.com/blogs/xx_factor/2016/12/05/or…

Sweet & Spicy Homemade Gingerbread Latte

Shares 460 Now that it’s November, we can stop talking about pumpkin, and START talking about gingerbread, and peppermint and holly and … snow…

Published: December 5, 2016 - 9:07 pm @ http://www.kyleecooks.com/homemade-gingerbread-latte/

Defending the Sacred

The United States Corps of Army Engineers (USACE) has denied the building permit for the Dakota Access Pipeline (DAPL). This breaking news sig…

Published: December 5, 2016 - 8:12 pm @ https://equilibrionorte.org/2016/12/05/defending-t…


Famous Animal Paintings You Need to Know

The paintings of animals are an integral part of art history. There is even a genre named equine painting, describing portraiture of horses. O…

Published: December 5, 2016 - 7:39 pm @ http://www.widewalls.ch/famous-animal-paintings/

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…