To maintain a General Fund budget of about $10 billion over the past few years of this recession, your state government - Republicans and Democrats alike - have depleted our savings, delayed payments, swept funds from other accounts, used one-time federal stimulus dollars, and gone deeper into debt. Our projected ongoing revenues are only $6.4 billion, meaning the budget has a structural deficit of $3.6 billion that will plague us in the future until we enact permanent solutions.
Now, we've hit the wall on short-term budget maneuvers and gimmicks. Those options are no longer available. We will have to cut spending or increase taxes or both. There is very little else of substance we can do at this point.