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

Daniel Johnston's Amazing Life Is Now A Batshit Graphic Novel

Born in Salamanca, Spain, and now based in Barcelona, Ricardo Cavolo is an illustrator and muralist who has won international acclaim for his …

Published: July 27, 2016 - 10:22 pm @ http://www.thefader.com/2016/07/27/daniel-johnston…

Minnesota in a Box: To Get You to Visit, the State Will Now Visit You First

Take a vacation to Minnesota? Nah, it's too cold and dreary with all that snow and dreary-ness. Brrr… To combat this common misperception, Exp…

Published: July 27, 2016 - 10:21 pm @ http://www.adweek.com/adfreak/minnesota-box-get-yo…

Turkey shuts down dozens of media organisations

STEPS FOR DISABLING AD BLOCKERDriving in Canada Canada - a home away from home Canada, it's time to change! Living with a disability in Indo-C…

Published: July 27, 2016 - 10:21 pm @ http://timesofindia.indiatimes.com/world/middle-ea…

Dinesh D'Souza's 'Hillary's America' is Top-Grossing Documentary of 2016

The third film from the controversial conservative filmmaker — after 2016: Obama’s America and America: Imagine the World Without Her — has ta…

Published: July 27, 2016 - 8:51 pm @ http://www.breitbart.com/big-hollywood/2016/07/27/…

Smithsonian Celebrates 100 Years of America’s National Parks

Arches National Park, UtahA view of the Milky Way through the North Window arch in Arches National Park, Utah, 2013. The North Window arch is …

Published: July 27, 2016 - 8:50 pm @ http://goldrushcam.com/sierrasuntimes/index.php/ne…

Obama visits wounded veteran Cory Remsburg's new home

Gilbert - President Obama's visit to the Valley on Friday included a discussion at the Phoenix VA Hospital and a meeting with Kayla Mueller's …

Published: July 27, 2016 - 8:50 pm @ http://www.abc15.com/news/region-southeast-valley/…

KidsCare brings affordable healthcare to Arizona

By Socorro Carrillo | Cronkite News PHOENIX — KidsCare returned to Arizona on Tuesday after a more than five-year absence and advocates expect…

Published: July 27, 2016 - 8:50 pm @ https://cronkitenews.azpbs.org/2016/07/26/kids-care-az/

This is what a pro athlete’s tax return looks like

NFL player Josh Martin’s taxes this year should be a lot less complicated than they were last season. Martin, a 24-year-old linebacker who ent…

Published: July 27, 2016 - 8:22 pm @ http://www.marketwatch.com/story/the-jock-tax-and-…

Clinton Picks Virginia's Tim Kaine for VP

Democratic presidential candidate Hillary Clinton and Virginia Sen. Tim Kaine at an event in Northern Virginia last week. (Alex Wong/Getty Ima…

Published: July 27, 2016 - 7:55 pm @ http://www.rollcall.com/news/politics/kaine-profile-vp

Police investigating officer-involved shooting in Scottsdale parking lot

SCOTTSDALE, AZ - Police are investigating an officer-involved shooting in a Scottsdale parking lot. The incident was reported Wednesday aftern…

Published: July 27, 2016 - 6:55 pm @ http://www.abc15.com/news/region-northeast-valley/…

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…