Hey Bud, Can You Spare (another) $1 Trillion?

UNTflyer · January 2, 2009

PHILADELPHIA (Reuters) - Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country's 50 states to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.

The governors of New York, New Jersey, Massachusetts, Ohio and Wisconsin -- all Democrats -- said the initiative for the two-year aid package was backed by other governors and follows a meeting in December where governors called on President-elect Barack Obama to help them maintain services in the face of slumping revenues.

Gov. David Paterson of New York said 43 states now have budget deficits totaling some $100 billion as tax revenues plunge.

"It's clear that the federal government needs to step in and jump-start the economy," said Gov. Deval Patrick of Massachusetts.

In light of the $700 billion provided to bail out the financial industry, "It's not shockingly large," [Gov. Corzine] said.

Edited January 2, 2009 by UNTflyer

meangreendork · January 2, 2009

PHILADELPHIA (Reuters) - Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country's 50 states to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.
The governors of New York, New Jersey, Massachusetts, Ohio and Wisconsin -- all Democrats -- said the initiative for the two-year aid package was backed by other governors and follows a meeting in December where governors called on President-elect Barack Obama to help them maintain services in the face of slumping revenues.
Gov. David Paterson of New York said 43 states now have budget deficits totaling some $100 billion as tax revenues plunge.
"It's clear that the federal government needs to step in and jump-start the economy," said Gov. Deval Patrick of Massachusetts.
In light of the $700 billion provided to bail out the financial industry, "It's not shockingly large," [Gov. Corzine] said.

I'd say, "that's what we get for years of living beyond our means..." but that doesn't quite directly apply here.