Iowa Soon to be Bankrupt?

Iowa budget gap could reach $1 billion | GazetteOnline.com: "DES MOINES, Iowa (AP) – Iowa will face a budget gap of more than$1 billion next year, the largest gap in state history. A budget review from the Legislative Services Agency predictslawmakers will face a projected shortfall of $1.07 billion in thefiscal year beginning July 1. The state has coped with the projected gap by ordering a 10percent across-the-board cut in spending and proposing layoffs. But the new estimate is worse than previous shortfalls, and IowaHouse Majority Leader Kevin McCarthy says the state will likely eliminate entire programs. The state’s Revenue Estimating Committee will meet on Dec. 11. Its report will dictate how much Gov. Chet Culver can spend in thenext budget year." It's going to be a lot bigger than a $1 billion gap before it's done.