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Iowa Faces Hole in State Budget
DES MOINES (AP) - State budget experts say tax collections are dropping just as the demand for public services is growing.
The state is facing more than a $500 million hole in the budget and the situation could get worse. On Tuesday, Gov. Chet Culver wouldn't rule out mid-year budget cuts but wanted to wait until December for an updated forecast of the economy and budget. House Republican Leader Christopher Rants is criticizing Culver for not making immediate cuts, saying the situation will worsen if cuts are delayed. Forecasts call for tax collections to grow by $7 million over this year at a time when programs approved by the Legislature are expected to increase spending by about $550 million. More Good Stuff |
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