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Economic Snapshot: How Should States Battle Budget Shortfalls?


Our unscientific poll.

Times are tough - and not just for the individual. At least 29 states face an estimated $48 billion in combined budget shortfalls for fiscal year 2009. New York is especially freaked out, forecasting a steep decline in Wall Street bonus money -- a major source of tax revenue -- as reckless lending catches up with investment banks like Merrill Lynch (MER) and Lehman Brothers (LEH). To no one's great surprise, these constraints are forcing cutbacks on state services. Minyanville's Economic Snapshot asks the pressing question: How should states battle budget shortfalls?

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